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What are you even referring to when talking about "subsidizing fossil fuels"? Aren't they heavily taxed in the most of the world?
by 988747 4y ago
What are you even referring to when talking about "subsidizing fossil fuels"? Aren't they heavily taxed in the most of the world?
- thomasguide 4y agoIn the U.S., which is among the largest oil producer as of recent years, the fossil fuel industry is heavily subsidized.[1] [1]https://e360.yale.edu/digest/fossil-fuels-received-5-9-trillion-in-subsidies-in-2020-report-finds https://e360.yale.edu/digest/fossil-fuels-received-5-9-trill...
- atonse 4y agoI found this same link in just doing some research for my sibling reply, but they mentioned a lot of that $5.9tn is "implicit" (like not counting the health harms) – that feels a bit more iffy to me though.
- atonse 4y agoI looked for some decent (non-partisan) sources on this [1] and was surprised that the number was so "small" in the US (given how large the industry is): $21bn. But about $290bn worldwide, down from $500bn in 2013. So they're on the downward trend which is promising. Whenever we see the multi trillion dollar numbers, they are counting "implicit" subsidies to me feels a bit more vague. I'm not sure how this compares to renewable energy subsidies. But they work in increasing adoption. I'd be ok with having those sunset too once they reach ubiquity like fossil fuels. [1]: https://www.brookings.edu/research/reforming-global-fossil-fuel-subsidies-how-the-united-states-can-restart-international-cooperation/ https://www.brookings.edu/research/reforming-global-fossil-f...