Don’t Stop with Fossil Fuels: End Energy Subsidies Altogether
Nicolas Loris /
In his September 25 speech at the G20 summit in Pittsburgh, President Obama praised the agreement among world leaders to end government subsidies for fossil fuels:
Third, we agreed to phase out subsidies for fossil fuels so that we can transition to a 21st century energy economy — an historic effort that would ultimately phase out nearly $300 billion in global subsidies. This reform will increase our energy security. It will help transform our economy, so that we’re creating the clean energy jobs of the future. And it will help us combat the threat posed by climate change.”
The President’s remarks point to the fact that many countries provide billions of dollars in subsidies and tax breaks to aid coal, oil, and natural gas companies. The Environmental Law Institute estimates that from 2002-2008, the United States spent $72 billion dollars in subsides to the fossil fuel industries.