This governmental largesse for the fossil fuel industry is a primary source of its profits, and a primary cause of continued greenhouse gas emissions.
These countries subsidizing fossil fuels are all signatory to the Paris Accord. They’ve all committed to addressing climate change and working toward the 1.5° Celsius warming aspirational target, and the firmer 2° Celsius of heating number. And yet, here we are.
As noted elsewhere in this series on the short list of climate actions that will work, including the cost of those negative externalities of fossil fuels into their prices is also of value. But for this, let’s just focus on the direct subsidies. A long history of governmental program capture by industry resources who cycled through the bureaucracies and back again, adding line items and extras and programs favoring the industry is a big part of the problem.
The hardly taxed natural gas that homeowners burn wastefully in poorly insulated homes is difficult to price appropriately due to voters’ outrage, even as clean electricity is heavily taxed in so many jurisdictions, making heat pumps a hard sell..
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