US leads wealthy countries spending billions of public money on unproven ‘climate solutions’

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1. The US has spent the most taxpayer money, some $12bn in direct subsidies, according to OCI, with fossil fuel giants like Exxon hoping to secure billions more in future years.

   The industry-preferred solutions could play a limited role in curtailing global heating, according to the Intergovernmental Panel on Climate Change (IPCC), and are being increasingly pushed by wealthy nations at the annual UN climate summit.

   But carbon capture and storage (CCS) projects consistently fail, overspend or underperform, according to previous studies. CCS – and blue hydrogen projects – rely on fossil fuels and can lead to a myriad of environmental harms including a rise in greenhouse gases and air pollution.