NewEnergyNews: Subsidies To Fossil Fuels Block New Energy

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  • TODAY AT NewEnergyNews, October 16:

  • ORIGINAL REPORTING: Securitization fever: Renewables advocates seize a Wall Street way to end coal

    Friday, August 09, 2019

    Subsidies To Fossil Fuels Block New Energy

    Shifting Subsidies to Renewable Energy Instead of Propping Up Fossil Fuel Giants Would Prompt 'Clean Energy Revolution', Study Shows; "What we are doing is using taxpayers' money to boost hurricanes, to spread droughts, to melt glaciers, to bleach corals. In one word: to destroy the world."

    Julia Connelly, August 1, 2019 (Common Dreams)

    “…[I]f just 10 to 30 percent of the annual coal, oil, and gas subsidies were given to the renewable energy sector, the world could see a prompt reduction of fossil fuel emissions by nearly 20 percent…Fossil fuel companies receive more than $370 billion per year in subsidies from world governments. The International Monetary Fund (IMF) calculates the amount given to extractive industries as $5.2 trillion, including the cost of the yearly damage done by fossil fuel companies. In the U.S. in 2015, the government spent 10 times more on the fossil fuel industry than it did on education…Renewable energy companies providing solar, wind, and hydropower electricity are given only $100 billion yearly…

    In 2009, countries at the G20 summit agreed to phase out fossil fuel subsidies, but 10 years later, the economies have made little progress…[E]ven with less financial assistance from governments, the renewable energy sector is growing…Renewable energy sources are expected to provide nearly 30 percent of electricity by 2023, up from 24 percent in 2017, according to the International Energy Agency (IEA)…Meanwhile, the U.S. Energy Information Administration found that natural gas and coal power fell by 7.7 and 2.5 percent, respectively, between 2016 and 2017, while solar, wind, and hydropower saw gradual growth…[A switch of subsidies] would cut global emissions by a quarter while reducing the number of premature deaths due to pollution by half…” click here for more

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