· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: A report by the New Weather Institute reveals that fossil fuel companies spend $5.6 billion annually to sponsor sports, despite their key role in driving climate change
• Major fossil fuel sponsors like Aramco, Ineos, and Shell are heavily involved in sports such as soccer, motorsports, and rugby
🔭 The context: Fossil fuel sponsorship conflicts with the values of sports, yet many organizations accept this funding for short-term financial gain
• By partnering with fossil fuel companies, sports organizations legitimize their actions and contribute to climate destruction, even as climate change threatens the future of sports itself
🌍 Why it matters for the planet: The sports industry is complicit in "sportswashing" by fossil fuel companies, worsening the climate crisis that will make many sports unplayable due to extreme weather
• To counter this, some organizations are calling for transparency and alternative funding
⏭️ What's next: Calls for a ban on fossil fuel sponsorships are gaining momentum, but implementation requires global cooperation and new funding sources to replace fossil fuel money, along with stronger leadership within the sports industry
💬 One quote: "With global temperatures continuing to rise, climate change should increasingly be viewed as an existential threat to sport," said Lord Sebastian Coe, President of World Athletics
📈 One stat: Aramco alone spends $1.3 billion annually on sports sponsorships
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