Fossil Fuel Subsidies Written by : Andra Vitola Koranteng Fossil fuel subsidies are universal around the world, based on the approximate calculation by the international organizations roughly global value of global fossil fuel subsidies are between US$325 billion and US$5300 billion per year. Aside from the harmful impacts that these subsidies do to the environment, fossil fuel subsidies are as well economically inefficient. Economically this money can be used on other priorities like health and education. As for the environment, fossil fuels are the primary source of greenhouse gas emissions and prevent the shift towards clean energy. These fossil subsidies are weakening the competitiveness of renewable energy. Issues regarding fossil fuel subsidies have been an essential point on the G20 agenda since the 2009 Summit in Pittsburg during this summit G20 leaders pledge dedication to “rationalize and phase out over the medium term inefficient fossil fuel subsidies that e...
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