- Joined
- Jul 26, 2005
- Messages
- 6,968
- Reaction score
- 1,563
- Gender
- Male
- Political Leaning
- Undisclosed
The problem with your question is illustrated perfectly with coal. If there are no EPA or other regs, coal burning plants offload a huge amount of the costs of burning coal onto the public through dirty air and the problems, including early death, associated with that. So somehow the price of coal has to reflect those negative externalities. If not, "deregulating" coal is to subsidize coal by forcing all of us to pay for the costs of pollution.
And if you've been to China, the cause of the reduced demand there is obvious - air so filthy it kills reportedly up to 500,000 Chinese per year. During our visit, there were times coal produced smog reduced visibility during "clear" days to a quarter mile or less. Pretty incredible to see in person.
IMF have done a study of the total cost of fossil fuel and it's enormous.
Fossil fuel companies are benefitting 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...
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.
https://www.theguardian.com/environ...es-getting-10m-a-minute-in-subsidies-says-imf
Not included in that cost is the consequences of Western countries being dependent on oil from the Middle East. That have led to costly wars, USA military protecting brutale dictatorships like Saudia Arabia, terrorism and a lot of other problems and costs. Also after over 50 yeas of western involvement in the ME those countries are far from being democratic and peaceful.