Global Fossil Fuel Subsidies: A Climate Action Roadblock
2025-02-23
Massive government subsidies for fossil fuels are hindering climate change efforts worldwide. Despite pledges to reduce them, progress remains slow due to political and economic factors. Subsidies take many forms, from direct price controls to tax breaks and the externalization of environmental costs, artificially lowering fossil fuel prices and increasing consumption and emissions. The article analyzes the stubborn persistence of these subsidies, exploring opportunities and challenges for reform during energy price volatility, highlighting the need to balance climate goals with socioeconomic stability.