The Null Device

2009/10/14

Alarmed by the potential impact of reduced oil consumption on their fortunes, the Saudis are pushing for oil consumers to pay producers compensation for lost revenue if they reduce their oil consumption to reduce global warming:

“It is like the tobacco industry asking for compensation for lost revenues as a part of a settlement to address the health risks of smoking,” said Jake Schmidt, the international climate policy director at the Natural Resources Defense Council. “The worst of this racket is that they have held up progress on supporting adaptation funding for the most vulnerable for years because of this demand.”
It's hard to feel sympathy for the Saudis. While they try to sweeten their argument with a line about wishing to use the compensation money to "achieve economic diversification", they're not exactly short on cash; they can always build fewer palaces and flog off a few football teams and a gold-plated jumbo jet or three to make up whatever cash they need. Or they could have a word with the recording industry's lawyers; they're quite good at turning untenable monopolies from products of economic circumstance into legally enforced perpetual hegemonies.

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