Why are we subsidizing fossil fuels?
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Globally we are subsidizing the fossil fuel business to the tune of $5.3 trillion a year. Why do you think we're giving these companies massive tax breaks when their products put our future in jeopardy? What can we do to end it? Journalist David Wallace-Wells, author of "The Uninhabitable Earth" explains.
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Subsidizing fossil fuel companies is detrimental to mitigating climate change because it encourages the continued use and extraction of these non-renewable resources. These subsidies artificially lower the cost of production and consumption of fossil fuels, making them more attractive and affordable to consumers, despite their negative impacts on the environment. This leads to increased greenhouse gas emissions and exacerbates the effects of climate change. Instead, subsidies should be directed toward renewable energy sources and other sustainable alternatives that are less harmful to the planet.
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