Quantcast
Environmental News for a Healthier Planet and Life

What Does $1 Trillion in Fossil Fuel Subsidies Look Like?

Energy
What Does $1 Trillion in Fossil Fuel Subsidies Look Like?

Oil Change International

By David Turnbull

Recently we wrote about calling on governments to end global fossil fuel subsidies. Well, here’s yet another compelling reason why. In the graphic below you can see that according to Oil Change International analysis, governments around the world are spending perhaps more than $1 trillion USD combined per year subsidizing the fossil fuel industry.

But what makes it even worse is that governments aren’t willing to own up to the fact that this is the case. That’s a lot of money to be wasting and hiding, and it could be put to better use for education, hunger, poverty, renewable energy and many many other far-more valid uses. It’s time for governments to own up to the truth and come clean on the billions being thrown away to a dirty industry. Check out more below:

Learn more about fossil fuel subsidies on our international fossil fuel subsidies page, and join us and a large number of partners on June 18 as we storm twitter to call for governments to #endfossilfuelsubsidies.

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

 

Lakota spiritual leader Chief Arvol Looking Horse attends a demonstration against the proposed Keystone XL pipeline from Canada to the Gulf of Mexico in front of the White House in Washington, DC, on January 28, 2015. Nicholas Kamm / AFP / Getty Images

President-elect Joe Biden is planning to cancel the controversial Keystone XL pipeline on the first day of his administration, a document reported by CBC on Sunday suggests.

Read More Show Less

EcoWatch Daily Newsletter

A plume of smoke from wildfires burning in the Angeles National Forest is seen from downtown Los Angeles on Aug. 29, 2009 in Los Angeles, California. Kevork Djansezian / Getty Images

California is bracing for rare January wildfires this week amid damaging Santa Ana winds coupled with unusually hot and dry winter weather.

Read More Show Less

Trending

A new study invites parents of cancer patients to answer questions about their environment. FatCamera / Getty Images

By Jennifer Sass, Nsedu Obot Witherspoon, Dr. Philip J. Landrigan and Simon Strong

"Prevention is the cure for child/teen cancer." This is the welcoming statement on a website called 'TheReasonsWhy.Us', where families affected by childhood cancers can sign up for a landmark new study into the potential environmental causes.

Read More Show Less
Madagascar has been experiencing ongoing droughts and food insecurity since 2016. arturbo / Getty Images

Nearly 1.6 million people in the southern part of Madagascar have faced food insecurity since 2016, experiencing one drought after another, the United Nations World Food Program reported.

Read More Show Less
German Chancellor Angela Merkel and German ESA astronaut Alexander Gerst stand at the Orion spacecraft during a visit at the training unit of the Columbus space laboratory at the European Astronaut training centre of the European Space Agency ESA in Cologne, Germany on May 18, 2016. Ina Fassbender / Anadolu Agency / Getty Images

By Monir Ghaedi

As the COVID-19 pandemic continues to keep most of Europe on pause, the EU aims for a breakthrough in its space program. The continent is seeking more than just a self-sufficient space industry competitive with China and the U.S.; the industry must also fit into the European Green Deal.

Read More Show Less