Dean Baker - Greenhouse Gas Emissions and the Right to Dump Sewage on Your Lawn | Brave New Europe
▻https://braveneweurope.com/dean-baker-greenhouse-gas-emissions-and-the-right-to-dump-sewage-on-
In terms of how much we should be willing to pay, a recent analysis from the I.M.F.* not usually known as a place for whacky tree-hugging environmentalists, placed the global cost of the implicit subsidies for fossil fuels at 6.5 percent of GDP in 2017. That would come to around $5.7 trillion this year. You can retrofit a huge number of buildings, build many million electric powered cars, and install an awful lot of solar and wind power for $5.7 trillion.
Just as an example, if an electric powered car costs on average $40,000, we can build more than 140 million cars with this money. That is twice the world’s annual production. And this figure is an annual figure, the study projects that the size of the subsidy is growing year by year.
*▻https://www.imf.org/en/Publications/WP/Issues/2019/05/02/Global-Fossil-Fuel-Subsidies-Remain-Large-An-Update-Based-on-Country-Level-Esti