Quantcast
Environmental News for a Healthier Planet and Life

Fossil Fuel Subsidies Are Killing Global Economic Growth

Energy

Natural Resources Defense Council

Ending fossil fuel subsidies would save governments nearly $1 trillion while also improving environment and economic conditions worldwide, according to a report from the Natural Resources Defense Council (NRDC) and other environmental and social advocacy groups.

At a press conference at the Rio+20 Earth Summit in Rio de Janeiro, NRDC International Climate Policy Director Jake Schmidt made the following statement:

“The only beneficiaries of fossil fuel subsidies are oil, gas and coal companies that are raking in record profits at the expense of the rest of us. Instead of subsidizing well-established corporations that destroy our planet, governments ought to be doing more to help support and develop more clean, renewable energy that can actually help our planet, reduce our energy consumption and revive our economies.”

Based on government data from around the world, the new report finds that ending fossil fuel subsidies would:

  • Save governments and taxpayers $775 billion each year
  • Reduce global carbon dioxide emissions by 6 percent by 2020
  • Reduce global energy demand by 5 percent by 2020
  • Not hurt the poor (if the right policies are adopted) since the vast majority of subsidies mainly benefit only the richest segments of the population

NRDC created the report with partners Oil Change International, Vasudha Foundation (India) and Greenovation Hub (China) and Heinich Boll Stiftung (Germany).

  • To read the report in its entirety, click here.
  • For a fact sheet on fossil fuel subsidies, click here.

And for more, see:

  • NRDC Trustee Robert Redford’s blog
  • NRDC President Frances Beinecke’s blog
  • NRDC International Program Attorney Anthony Swift’s blog

Visit EcoWatch's ENERGY page for more related news on this topic.

 

EcoWatch Daily Newsletter

President Donald Trump speaks during a roundtable meeting with energy sector CEOs in the Cabinet Room of the White House April 3 in Washington, DC. Doug Mills-Pool / Getty Images

By Andrea Germanos

A coalition of climate organizations strongly criticized President Donald Trump's in-person Friday meeting with the chief executives of some of the biggest fossil fuel companies in the world, saying the industry that fueled climate disaster must not be allowed to profiteer from government giveaways by getting bailout funds or preferred treatment during the coronavirus pandemic.

Read More Show Less
Pexels

By SaVanna Shoemaker, MS, RDN, LD

An Important Note

No supplement, diet, or lifestyle modification — aside from social distancing and practicing proper hygiene ⁠— can protect you from developing COVID-19.

The strategies outlined below may boost your immune health, but they don't protect specifically against COVID-19.

Read More Show Less
Sponsored
Pexels

By Zak Smith

It is pretty amazing that in this moment when the COVID-19 outbreak has much of the country holed up in their homes binging Netflix, the most watched show in America over the last few weeks has been focused on wildlife trade — which scientists believe is the source of the COVID-19 pandemic. Make no mistake: Tiger King: Murder, Mayhem and Madness is about wildlife trade and other aspects of wildlife exploitation, just as surely as the appearance of Ebola, SARS, MERS, avian flu and probably COVID-19 in humans is a result of wildlife exploitation. As a conservationist, this is one of the things I've been thinking about while watching Tiger King. Here are five more:

Read More Show Less
Pexels

By Hector Chapa

With the coronavirus pandemic quickly spreading, U.S. health officials have changed their advice on face masks and now recommend people wear cloth masks in public areas where social distancing can be difficult, such as grocery stores.

But can these masks be effective?

Read More Show Less
Jörg Carstensen / picture alliance via Getty Images

By Carey Gillam

Bayer AG is reneging on negotiated settlements with several U.S. law firms representing thousands of plaintiffs who claim exposure to Monsanto's Roundup herbicides caused them to develop non-Hodgkin lymphoma, sources involved in the litigation said on Friday.

Read More Show Less