30 Aug '12, 8pm

WOW! $775B A Year in Fossil Fuel Subsidies

WOW! $775B A Year in Fossil Fuel Subsidies

Global fossil fuel subsidies are estimated at $775 billion to $1 trillion in 2012, reports Worldwatch Institute. That’s a jaw-dropping number especially when you consider it is about 12 times the $66 billion that went to supporting renewable energy in 2010. (Worldwatch doesn’t provide an updated renewable subsidies number, but you can bet it is trending in the wrong direction.) Plus, it doesn’t even begin to account for the other “costs” caused by fossil fuel subsidies in terms of resource availability, environmental damage and human health — an estimated $120 billion, according to the US National Academy of Sciences. “These so-called hidden costs, or externalities, are in fact very real costs to our societies that are not picked up by the polluter and beneficiary of production but by all taxpayers,” says Alexander Ochs, director of Worldwatch’s Climate and Energy program ...

Full article: http://www.solarfeeds.com/wow-775b-a-year-in-fossil-fuel-...

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