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Breaking Down Global Subsidies for Fossil Fuels

Breaking Down Global Subsidies for Fossil Fuels

A new report from the International Monetary Fund shows that the world spent $5.2 trillion on fossil fuel subsidies in 2017. That’s half a trillion dollars more than in 2015.But it also shows that fossil fuel subsidy spending is down by half since 2012. What gives? How much are we actually spending to make fossil fuels cheaper?We’ll clarify the different ways economists are measuring that spending.Then, U.S. tax subsidies for solar and wind are set to ramp downward as part of a deal struck in 2015. But some are calling for an extension of those credits once again. Wait, didn’t the industry say it would be just fine without them? We’ll look at arguments for and against another extension.Finally, PG&E is warning California customers about planned blackouts during this year’s fire seasons. Does this open up a new opportunity for commercial microgrids and residential battery backup?Recommended reading:Atlantic: The Hidden Subsidy of Fossil FuelsGTM: US Solar Industry Braces for IT