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News Link • Oil

Coal, Oil And Gas Subsidies Are $5 Trillion Per Year Because of Uncharged Air Pollution

•, brian wang

Then direct spending and research. A lot of the recent nuclear research is for nuclear fusion and not for improving fission. The ITER fusion funding is a waste. Small fusion, molten salt fission should become useful.

$5 Trillion per Year in Air Pollution and Environmental Damage
Subsidies for coal, oil and natural gas were $4.9 trillion worldwide in 2013 and $5.3 trillion in 2015 (6.5% of global GDP in both years). Undercharging for global warming accounts for 22% of the subsidy in 2013, air pollution 46%, broader vehicle externalities 13%, supply costs 11%, and general consumer taxes 8%. China was the biggest subsidizer in 2013 ($1.8 trillion), followed by the United States ($0.6 trillion), and Russia, the European Union, and India (each with about $0.3 trillion). Eliminating subsidies would have reduced global carbon emissions in 2013 by 21% and fossil fuel air pollution deaths 55%, while raising revenue of 4%, and social welfare by 2.2%, of global GDP.

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