Direct subsidies amount to $20 billion per year in the U.S.
From the National Offices of the Sierra Club, San Francisco, CA, September 7, 2021
It is time to end fossil fuel welfare. For decades, the fossil fuel industry has been handed billions of our taxpayer dollars.
President Biden recently called for the elimination of tax preferences and loopholes for the fossil fuel industry in his American Jobs Plan. The End Polluter Welfare Act would do just that by eliminating dozens of tax loopholes, subsidies, and other special interest giveaways throughout the federal tax code — ending corporate handouts and saving American taxpayers up to $150 billion over the next ten years.
While the 20 largest fossil fuel companies account for more than a third of global greenhouse gas emissions in the modern era — all while raking in profits — American taxpayers today pay $15 billion per year in direct federal subsidies to the fossil fuel industry. In 2020, the fossil fuel industry spent more than $115 million lobbying Congress in defense of these giveaways — an over 13,000% return on their lobbying investment.
This is a chance to stop prioritizing corporate profits over public health.
Ending polluter welfare is fiscally responsible and will protect the health of our families and the future of this planet. It is time to end the corporate greed of the fossil fuel industry and ensure that fossil fuel corporations pay their fair share. Tell your legislators to do their part by supporting the End Polluter Welfare Act today.
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See Also: To Meet Paris Accord Goal, Most of the World’s Fossil Fuel Reserves Must Stay in the Ground, Nicholas Kusnetz, Inside Climate News, September 8, 2021
A new study in Nature reports that oil, gas and coal production must begin falling immediately to have even a 50 percent chance of keeping global temperatures from rising more than 1.5 degrees Celsius.
It’s Only Reasonable to End Subsidies to the Fossil Fuel Industry
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