End Fossil Fuel Subsidies
Why I feel Fossil fuel subsidies are bad:
1) Forgoing $13 billion a year ($50bil projected over 4 years) is crazy!
2) It creates barriers for innovation in new technologies like renewable energy as it creates an unfair one sided industries
3) The money could be spent on renewable energy innovation, hospitals, nation building infrastructure like HSR and more!
Source: Mom’s clean air force
"Australian fossil fuel subsidies surge to $11.6 billion in 2021-22"
Fossil fuel subsidies cost Australians a staggering $11.6 billion in 2021-22, an increase of $1.3 billion in the last year, according to new Australia Institute research.The total value of future fossil fuel subsidies already committed in Federal, state and territory budgets is $55.3 billion – more than 10 times the balance of Australia’s Emergency Response Fund ($4.8 billion in Dec 2021), while $11.6 billion is 56 times the budget of the National Recovery and Resilience Agency.
Key Findings
• Fossil fuel subsidies cost $11.6 billion in 2021-22 across all federal, state and territory governments, equivalent to $22,139 per minute.
• This marks a $1.3 billion (12%) increase on the 2020-21 total of $10.3 billion. States and territories actually reduced subsidies by $214 million but this was outweighed by a $1.4 billion increase from the Federal Government.
• The total value already committed in federal, state and territory budgets is $55.3 billion, which is 11 times the balance of Australia’s Emergency Response Fund ($4.8 billion in Dec 2021), while $11.6 billion in 2021-22 is 56 times the budget of the National Recovery and Resilience Agency.
• Fossil fuel subsidies cost the Federal Government $10.5 billion in 2021-22, $1.4 billion more than 2020-21.
• These subsidies cost the Federal Government more than it spent on public schools in the same year ($9.7 billion).
• The largest subsidy is the federal Fuel Tax Credits Scheme, at $8.07 billion, which exceeds the $7.5 billion spent on the Australian Army.
• Tax credits aside, Federal Government fossil fuel subsidies increased four-fold to $1.16 billion, from $266 million in 2020-21.
“It is perverse that Australian governments continue to subsidise fossil fuel production and consumption while communities across the country are bearing the costs of disasters exacerbated by fossil fuel use,” said Rod Campbell, Research Director at the Australia Institute.“This is bad economics and even worse climate policy. We are witnessing Australia’s flood-stricken communities trying to pick up the pieces while fossil fuel interests are cashing in the tune of over $22,000 a minute.
“Worse still, these subsidies are growing and show no sign of slowing down. It is the Federal Government driving increases in fossil fuel subsidies, with $6.7 billion worth of new measures committed since the 2019 election.
“The big increases are not hidden, but are central government policies such as the ‘gas-fired recovery’ and more money for ever-failing technologies like carbon capture and storage.
“It is long past time for these irresponsible budget measures to be reversed and these resources directed to combating climate change and preparing Australians for its consequences,” Mr Campbell said.
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