Fossil Fuel Industry — Still the most subsidized industry in human history!

Food for thought: Some numbers are more powerful that many words...

Did you know that in 2023, the top 10 fossil fuel companies received a staggering $90 billion in subsidies.

Top 10 Fossil Fuel Companies and Their Subsidies in 2023:

Saudi Aramco: $50 billion

ExxonMobil: $4 billion

Sinopec: $3.5 billion

BP: $3 billion

Shell: $2 billion

Chevron: $3 billion

TotalEnergies: $1.5 billion

Petrobras: $5 billion

Rosneft: $10 billion

Gazprom: $8 billion

Total Subsidies: $90 billion

Green Energy Subsidies:

• United States: The Inflation Reduction Act (IRA) of 2022 committed approximately $369 billion over a decade

• European Union: The EU’s Green Deal Industrial Plan proposed around €250 billion (approximately $270 billion) over a decade

Total Green Energy Subsidies (2023-2033): $639 billion

Comparison:

• Fossil Fuel Subsidies (2023): $90 billion

• Green Energy Subsidies (2023-2033): $639 billion

The annual subsidies for the top 10 fossil fuel companies alone are more than 14% of the total green energy subsidies planned for the next ten years.

This stark contrast highlights the ongoing financial support for fossil fuels despite global efforts to transition to renewable energy sources.

This comparison underscores the need for a significant shift in subsidy allocation to support a sustainable and green energy future.

#sustainability #economy #miths