Fossil Fuel Subsidies Cost Governments $2 Trillion/Year
According to a report by the U.N. Environment Programme and three other agencies, fossil fuel subsidies cost the world’s governments $500 billion per year. “When the cost of pollution associated with fossil fuels is included, the figure balloons to $2 trillion,” writes Justin Bull of Clean Capital, a project of the Sauder School of Business at the University of British Columbia. The next time you see governments cutting back on food stamps, health care, or special education, ponder this: fossil fuel subsidies consume 8.5% of government revenues world-wide, and 2.9% of global GDP.