I recently published a paper, along with my colleagues Paul Gilding and Jimena Alvarez. For 20 leading fossil fuel producing firms, we measured the economic cost to society of the climate change impacts caused by the use of their products, and compared this with their profits in each year from 2008 to 2012. read more
Originally published on Gas2. Ah, society — takes us decades to turn a simple, life-saving corner. Subsidizing fossil fuels in the 21st century has got to be one of the dumbest things society has ever done… (and we’ve done a lot of dumb things). Show More Summary
A new survey from the International Monetary Fund shows that the UK government is still providing billions of pounds in subsidies to fossil fuels, while on the other hand cutting support for renewables. Analysis of the report done by...Show More Summary
Guardian: "“In particular, these figures reveal that the G20 countries are wasting trillions of dollars each year on subsidies for fossil fuel pollution,” Stern said. “It is time for the G20 to recognise that the extent of subsidies is far greater than has been previously understood, and to honour their commitment.”"
Republican presidential candidate Jeb Bush said Wednesday that if elected in 2016, he would cut subsidies for both fossil fuels and renewable energy. In a video sent to The Huffington Post, an environmental activist with the group 350...Show More Summary
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.