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Since the Paris climate agreement was signed in 2015, too many policymakers have fallen for the oil and gas industry's rhetoric about how it can help to reduce greenhouse gas emissions.International Energy Agency estimates that in 2016, investment in the oil and gas sector totaled $649 billion, and that fossil fuel subsidies within the G-20 countries amounted to $72 billion. And by 2030, investments in new gas projects across G-20 countries are expected to surpass $1.6 trillion. Worse, new gas production often displaces not coal, but wind- and solar-energy projects, both of which are now cheaper than coal and gas in many regions.A third ingredient of fossil fuel flimflam is so-called clean coal, often relying on carbon capture and storage technologies. Governments and the energy industry have long framed CCS as a silver bullet for climate change, and thus as a perfect excuse for postponing meaningful reductions in fossil fuel use.
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