We seem to be suffering a pandemic of sanity. Fatih Birol, the chief economist of the International Energy Agency said recently that the energy sector is responsible for two-thirds of all greenhouse gas emissions, and that ending fossil fuel subsidies and raising the cost of carbon pollution was essential.
“We need to phase out these wrong-headed energy policies and phase in right-minded energy pricing,” he said. Birol added that the construction of highly polluting coal-fired power stations should be banned and investment in renewable energy increased by 50%.
He made these remarks at a dinner featuring Prince Charles. In his speech the prince noted that abolishing fossil fuel subsidies, estimated at $500bn (£320bn) a year by the International Energy Agency (IEA), would cut global carbon emissions by 13%.