What’s the simplest way to tackle global warming? Make sure that fossil fuels are priced properly and not subsidized says a large new report from the International Monetary Fund, reports Brad Plumer at the Washington Post. The report argues that the world “misprices” fossil fuels to the tune of some $1.9 trillion per year. The subsidies come in two forms. In developing nations, governments, especially in North Africa and the Middle East, spend nearly half a trillion dollars to lower the price of petroleum, natural gas, coal, and electricity for their citizens. These subsidies are crowding out other useful public spending in these countries and depressing private investment in the energy sector. What’s more, direct subsidies gobble up an enormous portion of national budgets. In developed polluting nations, most of the subsidies occur as a failure to accurately price fossil fuels based on the health and environmental damages they create. Eliminating all these subsidies, the IMF argues, and replacing them with appropriate carbon taxes could cut global greenhouse-gas emissions by 13 percent, curtail air pollution, and shore up the finances of many poorer countries now in debt trouble.
Join the swelling numbers of voters TELLING Congress they’ll vote for Clean Energy candidates here: http://signon.org/sign/we-are-the-clean-99?source=c.em.cp&r_by=487176 . This is an ongoing campaign (the next Congressional election is in 2 years!) so please, spread the word. It’s our way of telling Congress that a strong clean energy voting bloc is out there. This is how YOU can make a difference.
For more on Climate Change, check out my weekly column at the HuffingtonPost, Climate Change This Week : http://www.huffingtonpost.com/author/index.php?author=mary-ellen-harte
Want to fight climate change? Get rid of $1.9 trillion in energy subsidies: IMF report. What’s the simplest way to tackle global warming? Make sure that fossil fuels are priced properly and not subsidized. That’s the core idea behind a large new report from the International Monetary Fund. Washington Post http://www.washingtonpost.com/blogs/wonkblog/wp/2013/03/27/imf-want-to-fight-climate-change-get-rid-of-1-9-trillion-in-energy-subsidies/
More ways to phase out energy subsidies: http://www.imf.org/external/np/fad/subsidies/index.htm