What a week it's been on the mass extinction front. It began with an official US delegation to the Bonn climate summit that tried to turn it into a fossil fuels trade show. Sort of like pushing cigarettes at a lung cancer symposium. All class, America. All class.
Then there was the report out of the International Energy Agency that concluded the United States will pass Saudi Arabia at its peak in the extraction and sale of gas and oil by 2025. Washington has served notice. As far as the US and fossil fuels are concerned, it'll be burn baby, burn.
Now it's Brazil's turn in the dirty energy spotlight. It seems the Brazilians figure that old Carbon Bubble has to burst sometime and they want to get as much of their fossil fuel reserves on the market before that happens.
Brazil is planning a fire-sale of its oil resources before shrinking global carbon budgets push down demand and prices, environmental groups have warned.
The focus of concern is a government proposal for up to $300bn in tax relief to companies that develop offshore oilfields that opponents claim would use up 7% of humanity’s emission budget if global warming is to be kept below 2C.
Climate Observatory, WWF, Greenpeace and other groups say the subsidies could spark a get-it-out-of-the-ground race with fossil fuel rivals such as the US, Saudi Arabia, Russia, Norway and the UK.
The accusations contradict Brazil’s position at this week’s climate talks, where the country’s negotiators have urged the world to be more ambitious in cutting carbon emissions.
“The country is doing the exact opposite – increasing emissions and opening itself up to big oil with billionaire subsidies at a time when the country still tries to recover from its worst recession,” said Carlos Rittl, executive secretary of Climate Observatory.








