Better research is needed to reveal the impact that energy subsidies for electricity, fossil fuels, and transport have on social welfare, economic growth, and technological innovation, says a new paper. New Research Needed To BetterShow More Summary
The hidden toll that subsidies for electricity, fossil fuels, and transport have on social welfare, economic growth and technological innovation needs to be exposed through better research says a new paper in Ecological Economics by Benjamin K Sovacool.
The global measurement of fossil fuel subsidies is most likely wrong.
Donald Trump wants to restrict or even abolish the US Environmental Protection Agency (EPA). In particular, he is proposing to dramatically limit the federal agency’s power to regulate carbon dioxide emissions, instead putting the onus on individual states to self-regulate. Although it sounds like...
Investors and insurers with over $2.8 trillion in assets under management are calling on the G-20 countries to phase out fossil fuel subsidies by 2020. They went on to say public finance that supports fossil fuels is a “key concern to the finance sector.”
Environmental groups say Canada provides $3.3 billion a year in fossil fuel subsidies to oil and gas producers despite its pledge to be a world leader on climate change policies. Canada’s Fossil Fuel Subsidies Total $3.3 Billion wasShow More Summary
A group of leading investors with a total of $2.8 trillion in assets under management have called on the governments of the G20 to end fossil fuel subsidies by 2020. Leading Investors Call On G20 Governments To End Fossil Fuel Subsidies...Show More Summary
While the Trump Administration is ignoring climate change, its costs are real. The US emitted 5.4 billion tons of CO2 in 2015, with a cost per ton of $36. That means, in effect, the U.S. is paying a $200 billion hidden subsidy to the fossil fuel industry.
Consumption is up in those countries that are still subsidizing gasoline use.
Rex Tillerson, President-elect Donald Trump’s nominee for secretary of state, denied that tax breaks to fossil fuel companies amount to subsidies during his Senate confirmation hearing on Wednesday. Yet Exxon Mobil Corp., the oil giant...Show More Summary
Says it all really... Value of fossil fuel subsidies fell to $325bn in 2015, still more than double $150bn spent on renewable subsidies https://t.co/Pq7iwATgBq pic.twitter.com/aY6KaG2wPr — IEA (@IEA) December 19, 2016
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Governments around the world spend vast amounts of money to subsidize the consumption of fossil fuels: oil, natural gas, and coal. In 2014, for example, consumption subsidies for fossil fuels amounted to $493 billion. These subsidies are both a waste of money and an environmental disaster, as they encourage people to burn fuels that release pollution into the atmosphere.
Both countries committed to eliminate and consolidate fossil fuel subsidies as part of the review process, a promise they made in 2013.
Although Virginia’s 2017 General Assembly session is still more than three months off, fossil fuel interests will already be planning how to win more special favors from the legislature. In past years they’ve gotten subsidies or a relaxation of environmental safeguards. Show More Summary
Many of those efforts are deemed "inefficient" examples of exploration and extraction. Continue reading US, China spend $22 billion a year on fossil fuel subsidies US, China spend $22 billion a year on fossil fuel subsidies originally appeared on Autoblog on Mon, 26 Sep 2016 16:01:00 EDT. Please see our terms for use of feeds. Permalink | Email this | Comments
As an outcome of the G20 meeting held in China earlier this month, both China and the United States volunteered to publish peer reviews of their current fossil fuel subsidies, and the results show that, together, the two countries are annually providing over $20 billion in inefficient fossil fuel subsidies. Show More Summary
Originally published on RenewEconomy. The G20 meeting in China may have been notable for the decision by both China and the US – the two biggest carbon emitters on the planet – to ratify the Paris climate treaty, an initiative that will...Show More Summary