Monday, May 13, 2019
It's all about the money/Rev LX
It's all about the money/Rev LX.
The world subsidized its own demise to the tune of $5.2 trillion in 2017.
That’s how much 191 nations collectively spent directly and indirectly subsidizing fossil fuels, according to the hippies at the International Monetary Fund. The staggering number shows why failure to account for climate change, air pollution, and other societal ills when it comes to fossil fuel extraction is often described as the biggest market failure ever, and also that maybe the market isn’t going to save us.
Thinking about $5.2 trillion is hard. It’s equivalent to 6.5 percent of the entire world’s annual GDP. It’s more than France and Germany’s GDP combined. It’s $164,890.91 of money wasted per second in a year.
But one thing is obvious: it is an absolutely stupid amount of money to be throwing away on something that is actively harmful to life on Earth.
Boggles the mind doesn't it.
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