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As reported by OilPrice.com, BP's CEO Bernard Looney and even the most pro-transition governments believe investing in immediate energy needs, like oil and gas, is essential, leading to record subsidies in 2022. This is WRONG from a perspective of saving our planet, but understandable? Why? Even the local government here in British Columbia makes a ton of revenue from Fossil Fuel taxes. Oh, you didn't know that? Understandable as it is well hidden. The taxes at the pump do fund many good things, but in the long run, they hurt us.
A recent IMF report indicates that the majority of the $7 trillion in subsidies is "undercharging for global warming and local air pollution," while climate think tank IISD criticizes the G20 for record-breaking state support for the fossil fuel industry.
The IMF also suggests that full fossil fuel price reform could reduce global CO2 emissions significantly but faces challenges from governments wary of public backlash due to increased living costs. We need to revise what we are doing here ASAP!
If you want to do something about this, join me at Fully Charged LIVE in Vancouver, September 8-10, 2023 and join the conversation to move to electrify everything. We do not need fossil fuels as much as we think we do. We need to transition now. Yes, in the sort term, they are a low cost way to get stuff done, but in the long term, the costs will be mind-blowingly more expensive.