I hadn't realized that global fossil fuel subsidies are so large. IEA estimates $548B, i.e. 0.7% of global GDP.pic.twitter.com/rN5EBoC8VC
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No wonder clean-tech investing sucks.
(H/t @pmarca, whose comment made me dig into these figures.)
@patrickc Those figures likely don't include defense spending that can only be attributed to the geographic dispersion of petroleum.
@patrickc @timoreilly does that include all the military operations to keep oil shipping lanes safe for unfettered commerce?
What about including social cost of carbon? @patrickc
@patrickc This paper seems very misguided. What is price not actually missing?
@patrickc I’m I reading this right? Create a model that fits the data then assume if that model is off for other countries -> subsidy
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