Youth activists rallied today at COP 20 against fossil-fuel subsidies.
A few facts:
- The world currently spends US$ 500 billion a year on fossil fuel subsidies. That is five times more than is spent on subsidies for renewable energy.
- We also do not adequately account for the cost of pollution on our balance sheets. By giving fossil fuels a free pass for the damage they cause to our health and the environment, we are effectively subsidizing them even further: eighteen times more than we subsidize renewable energy, according to the International Monetary Fund (IMF).
Governments need to level the playing field by reconsidering subsidies for fossil fuels.