UN Stunned By Bail Out

Across the globe, Governments have been bailing out their failing banks to save the worlds economy. But should they be bailing out something else?

The UN’s Head of Environment Achim Steiner (Above) is “stunned” by the Billions governments threw at failing businesses during the global financial crisis. Over $11 Trillion has been spent on bank bailouts in the US and UK alone, and Billions more has been promised for other failing industries.

In an interview with the BBC, Steiner claimed he had campaigned for years to secure money to tackle climate change and poverty. He was surprised that such huge amounts had “suddenly been found” to tackle the credit crisis, when climate change is still a major threat.

“We waited perhaps a decade to get $5bn ($3.3bn) to accelerate development of renewable energy. We now see $20bn (£13.3bn) paid [to] a car company simply to keep it alive.”

He stressed that if extra investment was not found to tackle climate change, the bail outs would be “a terrible waste of money”. Acknowledging the problems in the global economy, Mr Steiner urged the public not to be “sold the false story” of banks having to be fixed before worrying about other issues such as environmental protection. He went on to say that it would represent “the greatest political tragedy of the last five decades”.

Steiner’s answer to the problem? Adding $5 to the cost of a barrel of oil – which he estimates would raise over $100 Billion to invest in new technology.

“Are you really that worried about paying three cents more per litre of oil in order to reverse global warming – what would be the debate if we put it in those terms?” But when asked which governments he thought would be prepared to put such a surcharge on oil, Mr Steiner admitted, “Not a single one, right now”.