US Still Subsidizing Fossil Fuels To Tune Of $27 Billion
by Joshua S Hill (Clean Technica) New research has shown that the United States continues to subsidize the production and consumption of fossil fuels to the tune of $27 billion, despite repeated pledges since 2009 to phase out fossil fuel subsidies.
In a groundbreaking new study that ranks G7 countries’ progress toward phasing out fossil fuel subsidies by 2025, the United States was ranked last among the world’s largest economies, including France, Germany, Canada, Great Britain, Italy, and Japan. Specifically, the research — which was carried out by experts at the Overseas Development Institute (ODI), Oil Change International (OCI), the International Institute for Sustainable Development (IISD), and the Natural Resources Defense Council (NRDC) — found that the US Government spent $26 billion in both 2015 and 2016 on fiscal support for fossil fuels, including $15 billion spent on oil and gas production, and another $1 billion on public financing for fossil fuel exploration. READ MORE
G7 fossil fuel subsidy scorecard: tracking the phase-out of fiscal support and public finance for oil, gas and coal (Overseas Development Institute)