If we are going to stop the fire of global warming, it is vital that we STOP THROWING FUEL ON THE FIRE! The following devastating fact is taken from my new book Solar Dividends: “At a time when we should be cutting back on fossil fuels, the US paid $649 billion in direct and indirect subsidies to coal, oil, and gas interests in 2015, according to the International Monetary Fund. That’s more than the entire US military budget for 2015 ($599 billion). Worldwide, fossil fuel subsides totaled $5.3 trillion, or 6.5% of global GDP.”1
Continuing to prop up the main villian of climate change amounts to social insanity. Such subsidies keep the price of fossil fuels artificially low, preventing solar and wind from competing on a level playing field. And the money for subsidies does not come out of thin air, so we all ultimately pay extra for fossil fuels anyway, but in a sneaky way. The only reason those subsidies are still in place is because politicians know that if they remove them, the price of gas will go up, and they will be blamed. That’s the small-minded thinking that keeps us hooked on fossil fuels.