Global Fossil Fuel Subsidies Hit $5.2 Trillion
Wow, I don’t know what those folks are snorting but it must mess with their prefrontal real good. It’s a subsidy if one is not unduly taxed? That’s news to me. Business expenses that are deducted from revenues are subsidies, I need to redefine some words in my vocabulary it seems. This is a load of crap. Fossil energy does not get any subsidy in pretty much all developed economies. Subsidies are sums of money given on top of what the market gives you. They are an expense for the state and revenue for the receiver. No such thing in fossil energy – but soar in the US gets a subsidy that’s bigger than the hub price of Natural Gas. Consider that.
The world spent a staggering $4.7 trillion and $5.2 trillion on fossil fuel subsidies in 2015 and 2017, respectively, according to a new report from the International Monetary Fund. That means that in 2017 the world spent a whopping 6.5 percent of global GDP just to subsidize the consumption of fossil fuels.
