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In a coordinated effort, Friends of The Earth´s Economic Justice and Climate Justice programs have published a report in which they estimate that government revenue lost to tax havens over a 15 year period could power Africa, Latin America and much of Asia with 100% renewable energy.
This report points, on one hand, to the fact that the next 10 to 15 years are critical to prevent the most dangerous effects of climate change. The Paris Climate Agreement, while paying lip service to ambitious temperature targets, completely fails to deliver the scale of action needed to stop the climate crisis. In addition, one fifth of the world’s population lacks access to electricity and all the development benefits that energy access brings. The authors estimate that extra investment to power half the world with 100% renewable energy is on average $507 billion per year over a 15 year period. On the other hand, this is well below the estimates for annual tax revenue lost through tax havens globally: up to $600 billion dollars. So the authors of this report conclude that government revenue lost through tax havens could power half the world with 100% renewable energy by 2030. This would bring renewable energy to millions, while protecting the environment from dirty fossil fuels and the climate change they cause.
"Friends of the Earth International believes that the energy transformation process will be and must be complex. It involves not just changing the energy source from fossil fuels to renewable energy, but a deeper transformation including democratic ownership of renewable energy resources", states the report. It is a call to policy makers and NGOs to work together on new and innovative ways to address the crises threatening the planet and its people.
Real World Radio spoke with Sam Cossar Gilbert, FOEI´s Economic Justice Coordinator and one of the authors of “An energy revolution is possible”. He talked about the goals of the report, its main findings and the proposals of FoEI.
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