PUBLIC MONEY PROPPING UP FOSSIL FUELS
The Australian Government spends billions on programs that encourage more coal, gas and oil to be extracted and burned. Market Forces estimates that tax-based fossil fuel subsidies cost Australian taxpayers $12 billion every year.
The Government itself states $7.7 billion was invested in Australia’s renewable energy sector in 2020. Imagine if the fossil fuel industry’s annual subsidies of $12 billion were redirected to renewable energy.
The International Monetary Fund estimates that, on a global basis, removing global fossil fuel subsidies and taxing fossil fuels appropriately could lead to a decline in fossil-fuel related carbon emissions by over 20%.
Australia’s subsidies to the fossil fuel industry come in three forms:
- tax-based subsidies, involving tax breaks to the producers and users of coal, oil and gas
- direct handouts, where state and federal governments give out large sums of cash to help fossil fuel companies expand their operations
- public financing, where our governments loan public money to big companies that can’t get sufficient funding from the private sector
Visit the links below to find out how the Australian government is using your money to prop up dirty fossil fuels: