12th April 2024
Fossil Fuel Subsidies -2
“Since the Paris Agreement, the government has provided £13.6 billion in subsidies to the UK oil and gas industry. From 2016 to 2020 companies received £9.9 billion in tax relief for new exploration and production, including £15 million of direct grants for exploration, and £3.7 billion in payments towards decommissioning costs.” https://www.ethicalconsumer.org/energy/paid-pollute-fossil-fuel-subsidies-uk-what-you-need-know
Research from 2023 commissioned by the Liberal Democrats showed that between 2015 and 2020 renewable energy received £60bn in subsidies whilst fossil fuels received £80bn. In 2020/1 fossil fuels received £1bn whilst renewable energy received a mere £1m! https://www.theguardian.com/environment/2023/mar/09/fossil-fuels-more-support-uk-than-renewables-since-2015
Such subsidies are the explicit subsidies. As far as I know, renewable energy generation does not produce pollutants or other harmful side effects. Whereas we as citizens and tax payers are also paying for the implicit subsidy of fossil fuels through ill health caused by pollution from fossil fuels, as well as ill health caused by excess temperatures; through the extra cost thus imposed on the health service; from the extra cost of food as more harvests fail; and the extra cost of repairing buildings and infrastructure affected by extreme wind/ rain and temperatures.
According to Kisters (an international environmental data and insights organisation that focuses on gathering and reporting data on the water, weather, energy, environment and IT sectors) “the cost of natural disasters in the UK is rising by 11.2 per cent a year, while the UK’s GDP grew by 4.3 per cent in 2022 (according to the Office for National Statistics)…Floods are the most expensive risk the UK faces at present, with the cost of dealing with extreme flooding projected to rise to $217.2bn by 2030-2039 without intervention. But an increasing number of extreme storms also poses a threat. Between 2010 and 2019 storms cost the UK around $1.6bn, but by 2030-2039 this is estimated to rise to $3.8bn. In 2020-29, Kisters predicts the UK government will spend $43.8bn on dealing with the effects of all climate-caused natural disasters.” https://www.newstatesman.com/spotlight/sustainability/climate/2023/12/extreme-weather-natural-disasters-uk-economy-government
The Green Tau 