https://www.climaterealityproject.org/blog/fossil-fuel-subsidies-public-finance
Like it or not, we’re all paying the fossil fuel industry to destroy the planet every time we do our taxes.
That’s right. Each of us is chipping in our hard-earned dollars [, Euros or Pounds], all to an industry earning billions in profits every year. One whose product is heating up our planet and sowing more and more climatic chaos the higher the thermometer rises.
We’re doing it through fossil fuel subsidies. And the time to end them is now.
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According to the International Monetary Fund (IMF), fossil fuel subsidies reached an all-time high of $7 trillion USD last year, costing the equivalent of over 7% of global GDP. To put it in more relatable terms, it’s “more than governments spend annually on education and about two thirds of what they spend on healthcare.” Fossil fuel subsidies rose by $2 trillion USD over the past two years alone.
In general, most fossil fuel subsidies are implicit. This means that they fail to consider the negative externalities of fossil fuel production, such as the environmental and human health consequences of GHG emissions and particulate matter pollution. While it may seem difficult to account for these costs, the IMF estimates that implicit government subsidies resulted in failing to cover over $5 trillion worth of environmental damages last year.
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https://www.climaterealityproject.org/blog/fossil-fuel-subsidies-public-finance