G20 countries spend $450B a year on fossil fuel subsidies, study says

Environmental | 206813 hits | Nov 12 7:47 am | Posted by: andyt

It's being called the "fossil fuel bailout." A new report from an environmental advocacy group says G20 countries subsidize the fossil fuel industry to the tune of $450 billion a year, undermining efforts to deal with climate change.

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by andyt
Thu Nov 12, 2015 3:50 pm
It shows that Canada's total federal and provincial support for the petroleum industry was close to $2.7 billion US ($3.6 billion Cdn at current exchange rates) in the 2013-14 fiscal year, with federal subsidies accounting for roughly $1.6 billion US of that.

The report says at least another $2.5 billion US of taxpayers' money also goes to petroleum companies working in other countries through Export Development Canada "and may be significantly higher."
by BartSimpson
Thu Nov 12, 2015 4:34 pm
"andyt" said
It shows that Canada's total federal and provincial support for the petroleum industry was close to $2.7 billion US ($3.6 billion Cdn at current exchange rates) in the 2013-14 fiscal year, with federal subsidies accounting for roughly $1.6 billion US of that.

The report says at least another $2.5 billion US of taxpayers' money also goes to petroleum companies working in other countries through Export Development Canada "and may be significantly higher."

Canada's Federal tax on petrol yielded some $5.5bn last year and when you add in sales taxes and provincial fuel taxes the total comes to around $21bn.

If the government is subsidizing petrol and the result is higher tax revenues from petrol then it's a sensible investment.

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DrCaleb Thu Nov 12, 2015 7:57 am

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