Although governments try to hide the exact amount, an analysis by Oil Change International indicates that global oil subsidies total at least $775 billion to as much as $1 trillion or more in 2012. Rather than pay for an industry that is destroying the planet and compromising the lives of all of its inhabitants, this money could be put to better use for renewable energy, education, hunger and poverty.
In 2009, G20 leaders pledged to phase out fossil fuel subsidies. While this was an historic commitment, very little concrete action has followed.
Eliminating global fossil fuel subsidies represent a tremendous opportunity for increased efficiencies in spending, reductions in global reliance on fossil fuels and greenhouse gas emissions, and sources of finance for climate-related activities and other efforts.
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© 2012, Richard Matthews. All rights reserved.
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