In November, I wrote that fossil fuel subsidies worth $700 billion are stalling the energy transition. If neither consumers nor fossil fuel companies pay for these externalities, they are being subsidized indirectly. Many “direct” fossil fuel subsidies (minus the externalities) are hidden in tax codes. We need a serious carbon tax, and the fossil fuel subsidies need to go ASAP. Fossil fuel subsidies are a form of corruption that enriches fossil fuel shareholders at the expense of Earth’s 7.5 billion people.

Source: Forbes December 06, 2019 17:03 UTC