Energy

Paris Climate Summit Promises To Enrich Environmentalists … To The Tune Of Trillions

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Steve Birr Vice Reporter
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Environmentalists invested in green energy stand to make a financial killing if a deal is reached at the Paris climate summit, which could shift trillions toward expensive green technology.

Economists expect for world leaders to agree on investing $30 trillion in green technology and renewable energy by 2040, promising to enrich environmentalists who are heavily invested in renewable energy companies, reports The Telegraph. Billionaires attending the COP-21 (Conference Of the Parties) summit include Bill Gates and Facebook founder Mark Zuckerberg, advocating for more active funding in the renewable industry.

“We need the basic research, but we have to pair that with people [who] are willing to fund high-risk, breakthrough energy companies,” said Bill Gates in a video released ahead of the climate summit. “That formula will accelerate the innovation at the research level, will accelerate the risk taking.”

While green energy is expected to get preferential treatment at the Paris climate summit, coal, oil, and natural gas stand to get slaughtered financially, reports Financial Times. Fossil fuels are the cheapest energy options, especially for poor developing nations where cost cutting is the priority. Despite the fact that President Obama’s EPA admitted in June that shale drilling is environmentally safe, the fiscally sound technology will get no assistance from world leaders in Paris.

“The fact that COP-21 in itself is clearly not going to put the world on a 2 degree track does not mean that fossil-fuel companies can simply carry on with business-as-usual,” read an analysis report from Barclays.

Green energy technologies will see $30 trillion in financial support over the next three decades, while the fossil fuel industry will lose up to $34 trillion if a climate agreement is reached. Fossil Fuels were given a glimmer of hope however as Australia announced that it rejects any climate proposal that includes a pledge to move off of oil, coal, and natural gas, reports The Sydney Morning Herald.

“To sign this is madness,” George Christensen, Queensland Liberal-National MP said on twitter Monday. “It will cost jobs and give greens ammo to attack coal further.”

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Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.