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Eliminating fossil fuel subsidies could facilitate important national breakthroughs such as infrastructure revitalization or comprehensive tax reform. Alternatively, the recovered revenue could help Congress legislate lower tax rates on corporate or personal income without increasing the federal deficit.
One of the most urgent reasons to eliminate fossil fuel subsidies is the rapidly dwindling carbon budget the remaining amount of greenhouse gases we are able to emit while having a hope of staying below the temperature warming limits agreed to by world leaders.
One of the most urgent reasons to eliminate fossil fuel subsidies is the rapidly dwindling carbon budget the remaining amount of greenhouse gases we are able to emit while having a hope of staying below the temperature warming limits agreed to by world leaders.
In both the world's richest and poorest countries, canceling fossil-fuel subsidies would neither significantly reduce carbon-dioxide pollution nor increase the amount of investment in renewable energy between now and 2030.
Historically, subsidies granted to the fossil fuel industry were designed to lower the cost of fossil fuel production and incentivize new domestic energy sources. Today, U.S. taxpayer dollars continue to fund many fossil fuel subsidies that are outdated, but remain embedded within the tax code.
Burning fossil fuels like coal, oil, and gas results in carbon pollution, which causes climate change. So if we want to stop climate change (and avoid devastating extreme weather, sea level rise wiping out communities, global conflict and instability, etc.), we have to stop burning fossil fuels.
Eliminating fossil fuel subsidies could facilitate important national breakthroughs such as infrastructure revitalization or comprehensive tax reform. Alternatively, the recovered revenue could help Congress legislate lower tax rates on corporate or personal income without increasing the federal deficit.
In both the world's richest and poorest countries, canceling fossil-fuel subsidies would neither significantly reduce carbon-dioxide pollution nor increase the amount of investment in renewable energy between now and 2030.
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