Amidst reports of a continuing climate crisis, an International Monetary Fund study released last month shows that USD$5.2 trillion was spent globally on fossil fuel subsidies in 2017. The United States has spent more subsidizing fossil fuels in recent years than it has on defense or education.
of onshore wind power generation has dropped 23% since 2010, while solar electricity saw a decrease of 73%.With renewable energy production becoming cheaper and fossil fuels following the opposite trend, it has left many industry experts asking why subsidies for the latter have increased.
A coal barge is positioned as a backdrop behind President Donald Trump as he speaks during a rally at the Rivertowne Marina in Cincinnati. President Donald Trump personally promised to activate emergency legal authorities to keep dirty or economically uncompetitive coal plants from shutting down.The combination of the fossil fuel industry’s investment within its sector and the high profit margins have led many companies to protect their subsidies.
The fossil fuel lobby has actively worked in many countries to protect their subsidies and avoid the imposition of carbon taxes. Doing so protects their profits.Whilst cheaper renewable energy creates more competition in the energy markets, it also decreases the cost-effectiveness of fossil fuel subsidies.
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