Governments Give an Estimated $2 billion/day in corporate welfare to fossil fuel industry – why is this so hard to change?
[Updated May 11 2012: At last a serious plan to phase out these subsidies will be on the table at the Rio+20 meet in June. I will be following this closely – with your help – Stephen ]
Experts say the subsidy madness must stop. With unemployment high can governments facing recession summon the will to end the fossil fuel industries’ FREE RIDE?
By Stephen Leahy
BERLIN, Jun 29, 2010 (IPS)
Every day, governments give away an estimated two billion dollars of taxpayer money to the fossil fuel industry. This unmatched largesse to a highly profitable sector by countries verging on bankruptcy or unable to feed large numbers of their own people is “complete madness”, according to many experts.
In Toronto Sunday, at the conclusion of G20 summit, countries agreed the madness must be constrained if not stopped.
“I was impressed. I think the commitment to phase out…
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