Fossil fuel subsidies are $5.3 TRILLION ($10 million/minute), more than all healthcare

by Michael Graham Richard (@Michael_GR)

Cash money

The Price at the pump is incomplete

As Neo would say, whoa… A new study by the IMF looked into global energy subsidies and found that “post-tax energy subsidies are dramatically higher than previously estimated, and are projected to remain high.” Fossil fuel are the big beneficiaries, global subsidies of $5.3 trillion per year, which isequivalent to about $10 million a minute of every single day!To put things in perspective: “The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments.”

The IMF itself, which is not exactly a hotbed for hippies, calls the findings “shocking” and says that the numbers are an “extremely robust” estimate of the true cost of fossil fuels.

Coal trains in Wyoming. Photo: KimonBerlin via Flickr/CC BY 2.0

Who said fossil fuels were cheap?

Nicholas Stern, an eminent climate economist at the London School of Economics, said: “This very important analysis shatters the myth that fossil fuels are cheap by showing just how huge their real costs are. There is no justification for these enormous subsidies for fossil fuels, which distort markets and damages economies, particularly in poorer countries.” Stern went even farther: “A more complete estimate of the costs due to climate change would show the implicit subsidies for fossil fuels are much bigger even than this report suggests.”Richard Masoner/Cyclelicious/CC BY-SA 2.0

In its report, the IMF estimates that ending subsidies for fossil fuels would cut global carbon emissions by 20%, and simultaneously reduce the number of premature deaths from outdoor air pollution by 50% – about 1.6 million lives a year. Not bad!

About steve@bayintegratedmarketing.com

Steve Ulrich is a principal at Bay Integrated Marketing: www.bayintegratedmarketing.com. I have been working with people to maximize their use of social media and internet publishing, optimize their websites to turn prospects into customers, and establish their personal brand on the internet. We are also working with Eco Distribution, Inc. to find and implement practical solutions to help clean up our air and the environment. Eco Distribution, Inc. is a California based Distributor and Representative Firm dealing in environmentally friendly and Green solutions. We have leveraged 30 years experience in responsible construction management to provide solutions for some of the most impactful challenges facing our air, water, and land. We have an oil/hydrocarbon remediation system that is effective on everything from simple oil stains on a driveway, to complex oil disasters in the ocean. My approach to social media and internet marketing is simple. Instead of spending a fortune “buying” keywords and ads that don’t return anything we concentrate on three areas: I CAN GET YOU FOUND ON LINKEDIN - NUMBER ONE, PAGE ONE.
This entry was posted in Air Quality, Carbon footprint, Clean Air, Clean Coal, Earth Day, Environment, Green, Honesty, Marketing, Uncategorized and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s