While U.S. taxpayers continue to subsidize the world’s biggest fossil fuel companies, the African desert kingdom of Morocco just announced it plans to phase out payouts to companies pumping fossil fuels. According to Responding to Climate Change made
A level playing field for renewables is about to get a step closer, at least in Morocco.
Fossil fuel supporters have insisted that wind and solar are far “too expensive” to replace fossil fuels. A recent report published by the IMF has put a price on the direct and indirect subsidies that support fossil fuels as a counter argument to the renewables are “too expensive” message. The numbers are staggering. read more
By Alex Kirby, Climate News Network With more than 600 million people in sub-Saharan Africa still lacking access to electricity, the continent is being urged to take a leading role in crucial climate negotiations.
Countries -- particularly the G20 and G7 groups of countries -- have made repeated commitments to both fight climate change and end fossil fuel subsidies, yet billions of dollars' worth of government support continues to flow towards fossil fuels and, incredibly, towards overseas coal projects. Show More Summary
Count ries have made repeated commitments to both fight climate change and end fossil fuel subsidies - particularly the G20 and G7 group of countries. And yet, billions of dollars' worth of government support continues to flow towards fossil fuels and, incredibly, towards overseas coal projects. Show More Summary
As close observers have long suspected, governments historically underestimate the cost subsidies for fossil fuel exploration, development, and production. By far. The International Monetary Fund has just calculated far in a study distributed by its Fiscal Affairs department: How Large Are Global Energy Subsidies? (IMF working paper 15/105). Show More Summary
You may have seen an IMF report in the news last week claiming that fossil fuels are subsidised to the tune of over five trillion dollars every year. This made good headlines, but only because the IMF chose to describe untaxed externalities as ‘post-tax subsidies’. This is unusual and misleading. I wrote about why in […]
Originally published on Energy Post by Karel Beckman A new report by the International Monetary Fund (IMF) finds that energy (fossil fuel) subsidies are “big and rising”. At the presentation of the report, Vitor Gaspar, Director Fiscal...Show More Summary
Governments spend $492 billion a year propping up fossil fuel companies -- it costs us 11 times that much to address the damage they cause. The post Report: Fossil Fuels Receive $5.3 Trillion A Year In Subsidies Worldwide appeared first on ThinkProgress.
Originally published on RenewEconomy by Sophie Vorrath How large are global energy subsidies? The answer: quite a lot larger than we thought, according to new estimates from the International Monetary Fund, which puts the cost of subsidising fossil fuels at an enormous $5.3 trillion a year, or around $10 million a minute every day. Show More Summary
Eli Hinckley covers a a recent report published by the International Monetary Fund that has put a price on the direct and indirect subsidies that support fossil fuels as a counter argument to the renewables are “too expensive” messa...
Dramatically higher than previously estimated, fossil fuel subsidies exceed what the world's governments spend on health care, according to the International Monetary Fund. What's more, they're likely to remain this high -- despite fossil fuels being the largest source of greenhouse gas emissions, the main culprit driving climate change.
The International Monetary Fund says the $5.3 trillion in subsidies going to the fossil fuel industry this year is more than that spent globally on health care.
Who said fossil fuels were cheap?
FOSSIL SUBSIDIES AND THE DAMAGE DONE Global energy subsidies fuel climate change, says IMF study Shawn Donnan, May 18, 2015 (Financial Times) “Governments around the world will subsidise the cost of oil, gas and coal to the tune of $5.3tn...Show More Summary
We're not paying the true cost of oil, gas and coal
zooboing / (CC BY 2.0) Governments give fossil fuel companies $5.3 trillion in subsidies every year—the equivalent of $10 million every minute of every day and more than the world spends on healthcare, a new estimate by the International...Show More Summary
Taxpayers help bankroll $5.3 trillion in aid to fossil fuel producers -- more than total global spending on public health