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Billions Spent Proping-Up Fossil Fuels

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We all know of the state subsidies for solar panels and wind turbines, typically enough it turns out all the noise surrounding these might just be hiding what is really going on.

The G20 spent an average $78 billion on national subsidies delivered through direct spending and tax breaks in 2013 and 2014, according to a report from the Overseas Development Institute (ODI) on Thursday.

A further $286 billion was invested in fossil fuel production by G20 state-owned enterprises. Related public finance was estimated to average a further $88 billion a year.

Meanwhile, renewable energy subsidies in 2013 were estimated at $121 billion by the International Energy Agency (IEA).

http://www.huffingtonpost.com/entry/fossil-fuel-subsidies_5643dd87e4b045bf3dedc2d9

Haven't seen much of this in the UK MSM, especially the right leaning MSM, but it doesn't stop there. How much coverage has there been of the recent leak that Exxon has known about climate change since at least 1981? http://www.npr.org/sections/ombudsman/2015/11/02/452917035/a-missing-report-on-exxon-mobil-and-climate-change

Wonder how much coverage there would have been if this leak had been about climate scientists?

Guess I'm going to have to invest in a tinfoil hat now...

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The methodology is pretty dubious. For example, in the UK chapter of the report

They count things like the recent tax breaks (e.g. giving very difficult to access oil fields a preferential corporation tax rate of 35% instead of 50%, the restoration of oil field decommissioning costs as tax allowable, when previously these were not allowable against corporation tax) as subsidies, whereas these are perhaps more accurately described as allowances against a special high tax rate.

They do count more direct costs as subsidies such as decomissioning costs and clean-up of abandoned previously state-owned coal mines.

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The methodology is pretty dubious. For example, in the UK chapter of the report

hat's new? We have a long history of applying dubious methodologies to derive subsidies on renewables and nuclear. Applying it to fossils just levels the spin up a bit. Or would, if a value were applied to externalities.

Nuclear was going to make power too cheap to meter. It still would be, if we applied the same (lack of) externalities to that industry as we do to the far more damaging waste products of burning fossils.

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Wonder if this includes the costs of military and diplomatic resources expended by western oil importers to protect supplies?

Some people still believe that the Gulf War was fought to bring democracy and female emancipation to Kuwait.

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We all know of the state subsidies for solar panels and wind turbines, typically enough it turns out all the noise surrounding these might just be hiding what is really going on.

http://www.huffingtonpost.com/entry/fossil-fuel-subsidies_5643dd87e4b045bf3dedc2d9

Haven't seen much of this in the UK MSM, especially the right leaning MSM, but it doesn't stop there. How much coverage has there been of the recent leak that Exxon has known about climate change since at least 1981? http://www.npr.org/sections/ombudsman/2015/11/02/452917035/a-missing-report-on-exxon-mobil-and-climate-change

Wonder how much coverage there would have been if this leak had been about climate scientists?

Guess I'm going to have to invest in a tinfoil hat now...

But...but....I thought climate change was all some big conspiracy driven by a powerful cabal of scientists seeking to defraud and control the world while crushing those plucky oil and coal underdogs with barely a penny to their name?

Tell me that ain't true!

Edited by StainlessSteelCat

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Now its been a while since i researched this but if I remember rightly......

Total spent on fusion research since the 50s 29 billion

total spent in the US in oil subsidies and grants etc in ONE YEAR 440 billion dollars!

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