CaptUSA
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- May 17, 2011
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Coal, oil, and natural gas received $5.9 trillion in subsidies in 2020 — or roughly $11 million every minute — according to a new analysis from the International Monetary Fund.
https://e360.yale.edu/digest/fossil-fuels-received-5-9-trillion-in-subsidies-in-2020-report-finds
Really, quoting the IMF?!! Lol.
Listen, I've been VERY adamant in here that all subsidies need to end, including those for fossil fuels. The largest real subsidy being our military interventionism to fix the oil markets. But what the IMF is doing here is COMPLETELY disingenuous!
Explicit subsidies accounted for only 8 percent of the total. The remaining 92 percent were implicit subsidies, which took the form of tax breaks or, to a much larger degree, health and environmental damages that were not priced into the cost of fossil fuels, according to the analysis.
"Health and environmental damages"... Interesting. They NEVER calculate the health and environmental benefits that more than offset those "damages". Climate-related deaths and illnesses have never been lower thanks to fossil fuels. Low-cost energy is responsible for a 98% reduction in climate-related deaths. Just think of what the air was like in big cities prior to fossil fuels. Manure everywhere, wood smoke billowing, no plastics to store food... the list goes on. But the IMF has an agenda here.
As someone who has done the research here as part of my job, I will say that a price of carbon is warranted. The problem is that when you accurately price out what the cost of carbon should be, it's so low to make any sort of impact. The harm done per ton of carbon emissions is decimal dust compared to the cost of production or use.