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$1+ Trillion in Global Fossil Fuel Subsidies

$1 TRILLION (OR MORE?) IN GLOBAL FOSSIL FUEL SUBSIDIES & THE URGENT NEED FOR TRANSPARENCY In 2009, G20 leaders pledged to phase out fossil fuel subsidies but very little concrete action has followed since. Part of the reason for this failure is that there is not clarity on how much of our money governments provide in fossil fuel subsidies. Recent reports put fossil fuel subsidies at a combined 3/4s of a trillion (and perhaps as much as a trillion or more) dollars globally per year. HOW MUCH IS A TRILLION? $1+ TRILLION IN GLOBAL FOSSIL FUEL SUBSIDIES = $10,000,000,000.00 (10 billion USD) Cost per year of eradicating global hunger (FAO estimate) $100 BILLION PRODUCTION SUBSIDIES Ox 100 = $1 TRILLION $45 BILLION CONSUMPTION SUBSIDIES IN DEVELOPED COUNTRIES $630 BILLION CONSUMPTION SUBSIDIES IN DEVELOPING COUNTRIES ...But there are somewhere on the order of between $165 billion and over a trillion dollars in even more subsidies lurking beneath the surface, yet still being tapped by the fossil fuel industry. Governments need to admit these exist, and eliminate them as soon as possible. A NOTE ABOUT ESTIMATES Due to lack of transparency, the numbers below represent ranges of best estimates based on available reports and other sources. O $50 - 100 BILLION $20 - 500 BILLION Securing fossil fuels Export Credit Agencies $15 - 150 BILLION $80 - 285 BILLION International Financial Institutions & Production Subsidies National Development Banks in Developing Countries For more information on global fossil fuel subsidies, go to http://priceofoil.org/fossil-fuel-subsidies/international/ OILCHANGE INTERNATIONAL

$1+ Trillion in Global Fossil Fuel Subsidies

shared by diligent_stanley on Jun 13
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Recent reports put fossil fuel subsidies at 3/4 of a trillion (and perhaps as much as a trillion or more) dollars globally per year.

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