“Perverse:” Australian fossil fuel subsidies will top $22,000 a minute this year
Michael Mazengarb notes on reneweconomy:
Australian fossil fuel subsidies will top $11.6 billion this financial year, with new analysis shedding light on the extent to which both federal and state governments are actively supporting the continued expansion of the fossil fuel industry.New analysis, published by The Australia Institute on Monday, has estimated that fossil fuel subsidies increased by 12 per cent in the last year – a $1.3 billion increase – driven higher by the Morrison government’s ‘gas-fired recovery’.
It sees the value of government fossil fuel subsidies significantly exceed the funding committed to emergency response measures and dwarfs the funding provided to the National Recovery and Resilience Agency.
Research director at the think tank, Rod Campbell, described the subsidies of fossil fuel use and production as “perverse”, at a time when a growing number of Australian communities are being devastated by climate-change fuelled disasters like flooding and bushfires.
“This is bad economics and even worse climate policy. We are witnessing Australia’s flood-stricken communities trying to pick up the pieces while fossil fuel interests are cashing in the tune of over $22,000 a minute,” Campbell said.
More details at Recneweconomy.com.au: “Perverse”: Australian fossil fuel subsidies will top $22,000 a minute this year