Fossil fuels don’t cure our global economy, they actually hurt it in more ways than one; by taking billions of taxpayer dollars in support and causing costly destruction to our planet.
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Show moreIn 2018, air pollution from fossil fuels caused $2.9 trillion in health and economic costs.
According to the UNDP’s own research, about $420 billion per year is spent supporting fossil fuels. Since the benefits of these subsidies mainly reach wealthy people, this money could be better spent tackling global inequality, by investing in things like schools and healthcare.
But it’s not just this bill that hurts, it’s what we get in return that really costs us. By subsiding these fuels, we are fast-tracking economic carnage, like the ruin of coastal cities, farming disruptions, and increased sickness from disasters, pollution and disease. A cost that global bank Citi estimates to be $40 trillion by 2060 if we don’t act now.
