That’s about $112 for each adult in the world. It’s a lot of money for any industry. It’s a huge commitment of resources for a sunset industry. Subsidies must be eliminated.
The Overseas Development Institute (ODI) report notes that “these subsidies outweigh the support provided to fast-start climate finance by a ratio of 7:1”. That mismatch smacks of corruption, which shouldn’t surprise anyone but will, since we think of the big energy companies are at least legal, if not ethical.
It is sad that we continue to subsidise industrial development that promotes climate change and biosphere degradation when everyone, especially policy makers, knows that humanity needs and wants to clean up.
The ODI report recommends phasing out subsidies by 2025. That is too late.
SocialFunds.com: Fossil Fuel Subsidies Average $112 per Adult
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