Historically, subsidies granted to the fossil fuel industry were designed to lower the cost of fossil fuel production and incentivize new domestic energy sources. Australian fossil fuel subsidies hit $10.3 billion in 2020-21. Imagine what an extra $12 billion in government funding could do if it were diverted away from fossil fuels and into renewable energy. The End Oil and Gas Tax Subsidies Act would eliminate 11 of these provisions in the tax code that unfairly benefit oil and gas companies. Despite this success, these fossil fuel companies receive billions in tax breaks and subsidies annually, undermining the nation’s ability to invest in renewable energy sources and damaging our environment. Subsidies given to fossil fuel companies are a “disgrace” and must be immediately ended, Greta Thunberg, the Swedish climate activist, has told a US congressional committee. Today, U.S. taxpayer dollars continue to fund many fossil fuel subsidies that are outdated, but remain embedded within the tax code. International climate activist Greta Thunberg has urged Congress to end fossil fuel subsidies at a House Oversight Committee hearing on the issue. Greta Thunberg, the 18-year-old Swedish climate activist, called fossil fuel subsidies a "disgrace" before a House committee hearing on Thursday. E.T., Rep. Ro Khanna, Chairman of the Subcommittee on the Environment, will hold the Subcommittee’s first hearing of the Congress on Earth Day entitled, “The Role of Fossil Fuel Subsidies in Preventing Action on the Climate Crisis.” Currently, the United States is the largest producer of oil Fossil fuel subsidies cost Australians a staggering $10.3 billion in FY 2020-21 with one Commonwealth tax break alone ($7.84 billion) exceeding the $7.82 billion spent on the Australian Army, according to research released today by The Australia Institute. Meanwhile, the International Monetary Fund estimates that removing fossil fuel subsidies and taxing fossil fuels appropriately could lead to a decline in fossil-fuel related carbon emissions by over 20% globally. Speaking before the House subcommittee's 22 April on fossil fuel subsidies, Thunberg didn't mince her words. And, in recently speaking with the National Observer, Federal Minister of Infrastructure and Communities, Catherine McKenna stated “we eliminated all of the fossil fuel subsidies at the federal level.” Organizations like Environmental Defence, have every right to advocate for their cause, but we would encourage them to do so with the facts. In 2020-21, Australian Federal and state governments provided a total of $10.3 billion worth of spending and tax breaks to assist fossil fuel industries. Oil-rich Canada said it was committed to phasing out fossil fuel subsidies by 2025 and those plans remained on track. [46] Up in smoke — Biden plan eliminates billions in fossil fuel subsidies Fossil fuel industry gets up to $62 billion in handouts every year. Fossil fuel producers also received a raft of other smaller payments that were included in the Productivity Commission's figures that could be regarded as subsidies. The $7.8 billion cost of the fuel tax rebate alone is more than the budget of the Australian Army. "… the fact that we are still having this discussion and we are still subsidizing fossil fuels directly or indirectly using taxpayer money is a disgrace…. In fact, $10.3 billion in Government subsidies means that in 2020, every minute of every day $19,686 Tim De Chant - Mar 31, 2021 4:01 pm UTC Watch the hearing in the player above. Chairman Khanna's Opening Statement [PDF] On Thursday, April 22, 2021 at 10:00 a.m. Australian governments are giving billions of dollars’ worth of subsidies to the fossil fuel industry and wrapping the spending announcements “in the language of innovation”, according to new analysis. The fossil fuel industry continues to receive around $20 billion in federal and state production subsidies every year,[45] and reaped billions in additional tax savings from Trump’s 2017 tax cut legislation.
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