Can you believe the world continues to subsidize fossil fuels? ($23 Million Dollars per Minute!)

[Caribbeans]

Can you believe the world continues to subsidize fossil fuels?

TONY PARADISO | EnergyCentral.com | Jul 18, 2023

If you’ve lived long enough that revelation probably isn’t surprising, but it’s nonetheless disappointing.

The World Bank puts the direct or explicit subsidies for coal, oil, and gas in 2021 at $577 billion. That’s twice the subsidies for renewable energy and almost six times higher than the climate funding promised by wealthy countries.

Big oil has sustained political influence and many local economies remain dependent on fossil fuel industries. This is despite the windfall profits Big Oil has reaped since inflation reared its ugly head. They chalk it up to productivity improvements, but that’s a load of crap. Spend two minutes reviewing their financials and it’s obvious that the record profits are coming from prices that are higher than current levels of inflation warrant.

And fossil fuels aren’t the only carbon emitters that continue to be subsidized. Agriculture also enjoys significant subsidies. You might be thinking - who would argue with subsidizing farmers? Well, first, the idea of the small family farm died a long time ago. Most farming is now big business. Sure, some small family farms remain. However, it would be easy to carve them out and assist their survival...more
https://energycentral.com/c/cp/can-you-believe-world-continues-subsidize-fossil-fuels

https://www.youtube.com/shorts/7RgS1pTnDRs

[msongs]

1. congressional repubs and dems agree, corporate welfare is the thing to do nt

[Progressive dog]

2. The International Energy Agency estimates

direct consumer subsidies of $1 trillion in 2022.

The IEA has been tracking fossil fuel subsidies for many years, examining instances where consumer prices are lower than the market value of the fuel itself. Our systematic analysis highlights the magnitude of these subsidies, and the potential benefits of their removal for energy markets, climate goals and government budgets. This report provides our first estimates for 2022, which show that global fossil fuel consumption subsidies doubled from the previous year to an all-time high of USD 1 trillion.

and they also say this

In addition to these consumption subsidies, the IEA has tracked more than USD 500 billion in extra spending to reduce energy bills in 2022, mainly in advanced economies, with around USD 350 billion of this in Europe. This spending is not necessarily captured in our methodology as a fossil fuel consumption subsidy because average end-user prices are still sufficiently high to cover the value of the market fuel in question. In Europe, preliminary analysis shows that average end-user prices were close, in some cases, to the market reference values2. Nonetheless, spending to bring down energy bills represents a significant fiscal burden for governments and, as is often the case with such measures, these interventions have not always been well targeted. Furthermore, it risks diminishing the incentive to use energy efficiently or to switch to cleaner fuels./div]
https://www.iea.org/reports/fossil-fuels-consumption-subsidies-2022

[Think. Again.]

3. Yes...

...and WE, the voting and CONSUMING public is allowing this to continue.

We have more power than "they" want us to recognize, we should use it.

[niyad]

4. Thoroughly disgusted KNR.

[orthoclad]

5. Like tipping your mugger.

[NNadir]

6. Yeah, but now the fossil fuel companies are engaged in slick marketing of them as "hydrogen."

We see the slick marketing of fossil fuels as "hydrogen" here pretty much every day.

I wouldn't be surprised at all to see these slick marketeers protest that they're actually against fossil fuels, but since making hydrogen out of fossil fuels destroys exergy, and because, except for misleading and trivial Potemkin projects hyping so called "renewable energy" as a source of hydrogen, what the slick marketeers are doing is trying to increase the use of fossil fuels.

Hydrogen, exergy destruction, and fossil fuels:

A Giant Climate Lie: When they're selling hydrogen, what they're really selling is fossil fuels.

98.28% of the world's hydrogen is made, with dirty filthy exergy destruction that is helping to destroy the planet, using dangerous fossil fuels. Nevertheless, salespeople and salesbots regularly lie and say hydrogen is "green."

They do it here; they do it everywhere.

They apparently don't understand that there are people who recognize the truth, although a lot of rubes by this hydrogen snake oil.

[Duppers]

7. K & R

Thanks for this informative post.