Cost of Fossil Fuel Subsidies

Massive fossil fuel subsidies far exceed renewable energy subsidies, healthcare, infrastructure, or defense spending. 

Subsidies include direct payments and guaranteed low interest  loans to fossil fuel companies.   Estimates show the United States spends more money on fossil fuel subsidies than on defense (see references 49, 54) and ten times as much as on education (see reference 50). World wide global subsidies are similar. These subsidies include  tax breaks, incentives for production on federal lands,  and tax deductions for clean-up costs.  It is estimated that the world will spend at least an extra $8 trillion over the next 25 years to prolong the use of non-renewable resources. This cost is further increased by the fact that all too often taxpayers are stuck with the clean up costs as fossil fuel companies escape responsibility. The answer is a level playing field for renewable energy instead of giving a huge unfair economic advantage to fossil fuels.

The reason we have over 80 references covering decades is to show this is a settled matter and has been obvious for quite awhile. 

References

1-Fossil fuels get five times the subsidies of renewable solar and wind

2-New report exposes billions per year in new fossil fuel subsidies

3-Unable To Compete, German Fossil Fuel Power Plants To Shut Down

4-Fossil fuel subsidies growing despite concerns

5-Fossil fuel subsidies are 10 times those of renewables, figures show

6-Worldwide, Fossil Fuels Get 12 Times the Subsidies as Clean Energy

7-Federal Government Still Spending Billions To Subsidize Fossil Fuels

8-House Spending Bill Contains Huge Giveaways To Dirty Energy

9-US Spending Billions to 'Dig Ourselves a Bigger Climate Hole' - New report highlights continued fossil fuel subsidies that foster further climate crisis at taxpayers' expense

10-Cashing In On Carbon: How Taxpayer Dollars Greenwash Dirty Energy

11-Analysis: Fossil Fuel Exploration and the Green Climate Fund

12-One Year of Big Oil Subsidies Could Insure 5.5 Million Children

13-Government Subsidies: Silent Killer Of Renewable Energy

14-World Bank fossil fuel financing leapt in 2014 despite its calls to end subsidies: New analysis reveals funding of over $3bn for fossil fuel-related projects last year, despite repeated calls by bank’s president to scrap such ‘harmful’ global subsidies

15-Long History Of U.S. Energy Subsidies: Report shows centuries of government support for fossil fuels, much less for renewable energy

16-Report: Nuclear Received 4 Times More Subsidies Than Solar in CA - “Federal dollars per new megawatt-hour for distributed solar are infinitely lower.”

17-US taxpayers subsidising world's biggest fossil fuel companies - Shell, ExxonMobil and Marathon Petroleum got subsidises granted by politicians who received significant campaign contributions from the fossil fuel industry, Guardian investigation reveals

18-Fossil Fuel Subsidies: Overview

19-Fossil fuels subsidised by $10m a minute, says IMF - ‘Shocking’ revelation finds $5.3tn subsidy estimate for 2015 is greater than the total health spending of all the world’s governments

20-Growth at all costs: climate change, fossil fuel subsidies and the Treasury - The UK oil and gas industry receives huge government subsidy, while support for renewable energy is cut. Is Treasury control of Whitehall fuelling a shortsighted economic agenda?

21-Fossil fuels subsidised by $10m a minute, says IMF: ‘Shocking’ revelation finds $5.3tn subsidy estimate for 2015 is greater than the total health spending of all the world’s governments

22-We Spend $775 Billion on Global Fossil Fuel Subsidies

23-Fossil fuel investments damaging Australians’ retirement savings, research shows - Tom Swann, a researcher at the Australia Institute, says anyone exposed to the fossil fuel energy sector has lost money in the past three years

24-G20 countries spend $450B a year on fossil fuel subsidies, study says - Countries promised in 2009 to phase out 'inefficient' fossil fuel subsidies — but progress has been slow

25-UK Government Bails Out North Sea; Gives “Nothing to Solar”

26-Fossil fuels subsidised by $10m a minute, says IMF

27-Wind Power Subsidies Don’t Compare to Fossil Fuel & Nuclear Subsidies

28-Australia's biggest banks pump billions into fossil fuels despite climate pledges | Environment | The Guardian

29-Subsidized to the End: Not Even Corporate Welfare Can Save Big Coal

30-Our Tax Money Underwrites BP's Gulf Negligence

31-Insurers call on G20 to phase out fossil fuel subsidies by 2020

32-Ireland passes law to become world's first country to fully divest from fossil fuels - Bill will drop coal, oil and gas investments from Ireland Strategic Investment Fund

33-Fossil fuel subsidies are a staggering $5 tn per year - A new study finds 6.5% of global GDP goes to subsidizing dirty fossil fuels

34-“White Elephants” – Canada, US, UK Wasting Billions On Energy Projects

35-Fossil fuel subsidies dwarf green investment – report Developing nations are spending $396bn on fossil fuel subsidies a year while receiving $5bn in support to tackle climate change, according to a new study by the Overseas Development Institute (ODI).

36-Fossil-Fuel Doublespeak

37-Report Projects DOE Coal, Nuclear Bailout Costs Could Top $34 Billion A previous estimate, from a pro-coal group, put the cost at $4 billion.

38-Rich nations spend $100 bln a year on fossil fuel subsidies despite climate pledges

39-As Rest of World Moves Towards Renewables, US Keeps Offering Exclusive Tax Breaks for Fossil Fuels

40-Fossil fuel subsidies are a staggering $5 tn per year - A new study finds 6.5% of global GDP goes to subsidizing dirty fossil fuels

41-G7 fossil fuel subsidies worth $100bn a year to industry, study finds

42-Peter McCartney: It’s back! Massive subsidies are quietly reviving LNG

43-G7 fossil fuel subsidies worth $100bn a year to industry, study finds

44-Canada’s Massive Fossil Fuel Subsidies Equal $100 Per Person

45-Fossil Fuel Subsidies – Dumbest Policy Of Our Times

46-Where Are Canadian Fossil Fuel Subsidies Coming From and Going To?

47-BC Wastes $1 Billion A Year In Fossil Fuel Subsidies

48-Pipeline politics: Why $1.6B in aid for oil and gas industry is awkward for Canada

49-Study: U.S. Fossil Fuel Subsidies Exceed Pentagon Spending

50-United States Spend Ten Times More On Fossil Fuel Subsidies Than Education

51-Four countries have declared climate emergencies, yet give billions to fossil fuels

52-Vast subsidies keeping the fossil fuel industry afloat should be put to better use

53-Ohio Governor Signs Coal and Nuclear Bailout at Expense of Renewable Energy

54-Study: U.S. Fossil Fuel Subsidies Exceed Pentagon Spending  The world would be richer and healthier if the full costs of fossil fuels were paid, according to a new report from the International Monetary Fund

55-Banks Funneled $1.9 Trillion Into Fossil Fuels Since Paris Agreement

56-In BP's Final $20 Billion Gulf Settlement, U.S. Taxpayers Subsidize $15.3 Billion

57-Study: U.S. Fossil Fuel Subsidies Exceed Pentagon Spending  The world would be richer and healthier if the full costs of fossil fuels were paid, according to a new report from the International Monetary Fund

58-B.C. subsidizes fossil fuels to tune of hundreds of millions annually, according to study

59-Fossil fuel political giving outdistances renewables 13 to one - During the latest midterm election cycle, the fossil fuel industry paid at least $359 million for federal campaign donations and lobbying.

60-Fossil-Fuel Subsidies Must End  Despite claims to the contrary, eliminating them would have a significant effect in addressing the climate crisis

61-Global fossil fuel subsidies reach $5.2 trillion, and $29 billion in Australia

62-Oily Wells Fargo Funds Dirty Fossil Fuels (YouTube)

63-The big corporate hitters who the ATO says are paying no tax

64-Washington Petrochemical Plant Subsidies Would Violate Federal ‘Double Dipping’ Rules Say Environmental Groups

65-Our Tax System Rewards Polluters

66-Yes, Fossil Fuel Subsidies Are Real, Destructive And Protected By Lobbying

67-Fossil Fuel Investments Cost California and Colorado Pension Funds Over $19 Billion, Report Finds

68-Big nations aid fossil fuels more than clean energies amid pandemic, researchers find - US, Russia are among many G20 nations helping coal, oil and gas more than clean energy as part of recovery packages, a major study will show

69-G20 Recovery Packages Benefit Fossil Fuels More Than Clean Energy

70-Everything You Need to Know About Fossil Fuel Subsidies Including what you can do to get rid of them once and for all.

71-Why Are We Paying Big Oil During The Pandemic

72-Paying Polluters: How much Canada gave in federal financial support for oil and gas in 2020

73-The true cost of fossil fuel subsidies  Fossil fuel producers receive $62 billion in "indirect subsidies" per year, a new study finds. But the cost of providing those subsidies is far, far greater.

74-‘Reckless’: G20 states subsidised fossil fuels by $3tn since 2015, says report Support for coal, oil and gas remains high despite pledges to tackle climate crisis

75-Subsidies really do matter to the US oil & gas industry -- one in particular - A subsidy that pads company profits & make new projects profitable.

76-Oil firms made ‘false claims’ on blue hydrogen costs, says ex-lobby boss - Chris Jackson believes companies promoted ‘unsustainable’ fossil gas projects to access billions in taxpayer subsidies

77-New research puts big banks’ sustainability claims in doubt

79-Commerzbank, Citi and Bank of America among banks issuing new deal for Russian coal giant SUEK just two months before COP26 - Russia's largest coal producer SUEK plans to expand its coal mining and has mandated nine banks for a bond issuance

80-Fossil fuel industry gets subsidies of $11m a minute, IMF finds-Trillions of dollars a year are ‘adding fuel to the fire’ of the climate crisis, experts say

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published this page in Blog 2021-12-05 12:09:19 -0800