Each year, the Australian Government spends billions of taxpayer dollars on programs that encourage more coal, gas and oil to be extracted and burned. Market Forces estimates that tax-based fossil fuel subsidies cost over $12 billion a year.
Australia saw $4.3 billion of investment in large scale renewables projects in 2019, bringing our share of electricity generated by renewables to 24%. Imagine what an extra $12 billion in government funding could do if it were diverted away from fossil fuels and into renewable energy.
Meanwhile, the International Monetary Fund estimates that removing fossil fuel subsidies and taxing fossil fuels appropriately could lead to a decline in fossil-fuel related carbon emissions by over 20% globally.
But tax-based subsidies aren’t the only government financial backing for fossil fuels. Direct handouts and contributions to the industry are doled out at both federal and state levels. Meanwhile, public money is used to finance fossil fuels through opaque Commonwealth agencies and our Government’s involvement in international financial institutions.
Community and business alike have put strong pressure on our politicians to end fossil fuel subsidies, and you can too. Use the form below to take action: send a message to Treasurer Josh Frydenberg, calling on the government to end polluter handouts.
