The U.S. Still Spends Billions to Subsidize Fossil Fuel

Have you ever wondered how much money the United States spends to subsidize fossil fuel (gas, oil, coal, etc.)? According to a study done by the World Monetary Fund, it’s a staggering $650 billion annually! Imagine if that amount of money were spent on renewable energy…

All of the governments of the world spend roughly $5.2 trillion annually. That works out to be roughly 6.5% of the worlds economic activity! Again, imagine if that money were spent on renewable energy – instead of propping up industries that are the leading causes of Global Warming.

Here’s the full publication:

https://www.imf.org/en/Publications/WP/Issues/2019/05/02/Global-Fossil-Fuel-Subsidies-Remain-Large-An-Update-Based-on-Country-Level-Estimates-46509