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Thread: Fossil fuels subsidised by $10m a minute, says IMF

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    Fossil fuels subsidised by $10m a minute, says IMF

    Green energy is too expensive.

    Fossil fuels subsidised by $10m a minute, says IMF | Environment | The Guardian

    Fossil fuel companies are benefiting from global subsidies of $5.3tn (3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund. The IMF calls the revelation “shocking” and says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments. The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change. Nicholas Stern, an eminent climate economist at the London School of Economics, said: “This very important analysis shatters the myth that fossil fuels are cheap by showing just how huge their real costs are. There is no justification for these enormous subsidies for fossil fuels, which distort markets and damages economies, particularly in poorer countries.”

    Lord Stern said that even the IMF’s vast subsidy figure was a significant underestimate: “A more complete estimate of the costs due to climate change would show the implicit subsidies for fossil fuels are much bigger even than this report suggests.” The IMF, one of the world’s most respected financial institutions, said that ending subsidies for fossil fuels would cut global carbon emissions by 20%. That would be a giant step towards taming global warming, an issue on which the world has made little progress to date. Ending the subsidies would also slash the number of premature deaths from outdoor air pollution by 50% – about 1.6 million lives a year. Furthermore, the IMF said the resources freed by ending fossil fuel subsidies could be an economic “game-changer” for many countries, by driving economic growth and poverty reduction through greater investment in infrastructure, health and education and also by cutting taxes that restrict growth.
    Last edited by Anomalism; 05-18-15 at 03:23 PM.

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    Re: Fossil fuels subsidised by $10m a minute, says IMF

    Quote Originally Posted by Anomalism View Post
    I think I figured out how to fund green energy.

    Fossil fuels subsidised by $10m a minute, says IMF | Environment | The Guardian

    Fossil fuel companies are benefiting from global subsidies of $5.3tn (3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund. The IMF calls the revelation “shocking” and says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments. The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change. Nicholas Stern, an eminent climate economist at the London School of Economics, said: “This very important analysis shatters the myth that fossil fuels are cheap by showing just how huge their real costs are. There is no justification for these enormous subsidies for fossil fuels, which distort markets and damages economies, particularly in poorer countries.”

    Lord Stern said that even the IMF’s vast subsidy figure was a significant underestimate: “A more complete estimate of the costs due to climate change would show the implicit subsidies for fossil fuels are much bigger even than this report suggests.” The IMF, one of the world’s most respected financial institutions, said that ending subsidies for fossil fuels would cut global carbon emissions by 20%. That would be a giant step towards taming global warming, an issue on which the world has made little progress to date. Ending the subsidies would also slash the number of premature deaths from outdoor air pollution by 50% – about 1.6 million lives a year. Furthermore, the IMF said the resources freed by ending fossil fuel subsidies could be an economic “game-changer” for many countries, by driving economic growth and poverty reduction through greater investment in infrastructure, health and education and also by cutting taxes that restrict growth.


    LOL !!

    " The vast sum is mostly attributed to POLLUTERS not paying the cost imposed on Governments by the burning of Coal and fossil fuels "....

    LMAO !!!
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    Re: Fossil fuels subsidised by $10m a minute, says IMF

    This hack piece belongs in the Partisan section
    " If no one among us is capable of governing himself, then who among us has the capacity to govern someone else ? "
    Ronald Reagan

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    Re: Fossil fuels subsidised by $10m a minute, says IMF



    My goodness, who pays these clowns to spin their wheels?

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    Re: Fossil fuels subsidised by $10m a minute, says IMF

    Quote Originally Posted by Anomalism View Post
    ...Fossil fuel companies are benefiting from global subsidies of $5.3tn (3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund...
    The IMF Working Paper can be found at: http://www.imf.org/external/pubs/ft/wp/2015/wp15105.pdf

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    Re: Fossil fuels subsidised by $10m a minute, says IMF

    Quote Originally Posted by clownboy View Post


    My goodness, who pays these clowns to spin their wheels?
    Its funny because the OPs author literally thought he was onto something.
    " If no one among us is capable of governing himself, then who among us has the capacity to govern someone else ? "
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    Re: Fossil fuels subsidised by $10m a minute, says IMF

    Quote Originally Posted by Fenton View Post
    LOL !!

    " The vast sum is mostly attributed to POLLUTERS not paying the cost imposed on Governments by the burning of Coal and fossil fuels "....

    LMAO !!!
    So basically, they just reached in elbow deep, and pulled some numbers out of their arse, and that's proof. Oy vey.

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    Re: Fossil fuels subsidised by $10m a minute, says IMF

    Quote Originally Posted by Fenton View Post
    Its funny because the OPs author literally thought he was onto something.
    So you're basically saying that the entire concept of cost accounting is nonsense?

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    Re: Fossil fuels subsidised by $10m a minute, says IMF

    Quote Originally Posted by Anomalism View Post
    So you're basically saying that the entire concept of cost accounting is nonsense?
    I think he's really saying "I don't want to hear about this". There is a chance that cognitive dissonance is coming into play.

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    Re: Fossil fuels subsidised by $10m a minute, says IMF

    The opening statement is a mouth full!
    It focuses on the broad notion of post-tax energy subsidies, which arise when consumer prices are below supply costs plus a tax to reflect environmental damage and an additional tax applied to all consumption goods to raise government revenues
    So let's assume supply cost, is the cost of goods sold, The Tax to reflect the perceived environmental damage (X),
    and then whatever consumer tax the government imposes.
    The middle tax is VERY subjective!

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