Here are the headlines and a quote from today’s Financial Times (FT 11.4.20 by David Sheppard, Anjli Raval, Derek Brower, Henry Foy- Paywall) : G20 backs largest oil supply agreement in history. One oil expert (a Mr. Roger Diwan at IHS Markit) states the obvious “This gigantic cut is dictated by an even bigger collapse in demand, forcing all of the world producers to collectively intervene in order to avoid a collapse of the oil industry.”
It appears that the G20 is manned by a bunch of criminals who want to save the fossil fuel industry because the poor dears are suffering from a fall in price because supply is far greater than demand as a result of the Virus Effect.
Now the G20 should be doing one thing and only one thing – it should introduce a Carbon Tax on fossil fuels.
Forget the trading of the carbon emission rights which has proved to be a joke at the expense of taxpayers and a gold mine for traders. It has had no impact or very little impact on reducing fossil fuel demand, and corruption abounds with its use.
The production of oil and gas by a few producers is of no interest to consumers because the big money is syphoned off mainly by despots, dictators and their friends, with very few exceptions.
The world is sinking into a deep crisis with Climate Change – of that there can be no doubt. Harsher weather, flooding, drought, warm winters and searing summers are killing more and more.
Air pollution in India, in China, and in many busy cities are killing many more than this terrible Virus.
Now, if ever, when money is being used to recover our economies, its use should only be focused on cutting fossil fuel dependence big time!
The population of these G20 countries should ask their leaders – are you serious about Climate Change by saving the Seven Sisters and bailing out despots and dictators? There are many of our political representatives here and their political appointees. Have they been given a mandate to save the fossil fuel industry that Trump, Saudi Arabia and others are pushing for?
The G20 brings together finance ministers and central bank governors from 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America plus the European Union, which is represented by the President of the European Council and by Head of the European Central Bank.