Sentences with phrase «reduce coal subsidies»
Governments will be forced to reduce coal subsidies and as they do the decline in the industry is likely to become a catastrophic collapse with huge financial losses for those who have invested in coal.
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Less commonly, countries spoke of reducing the use of inefficient coal - fired power plants, lowering methane emissions from oil and gas production, reforming fossil fuel subsidies, and carbon pricing, the report says.
Reduce dependency on (imported) fossil fuels (balance of payments, reliance on potentially unfriendly or unstable nations as suppliers, high cost at the pump, all problems as seen from US viewpoint): — encourage nuclear power generation (cut red tape)-- encourage energy savings and improved efficiency projects (tax breaks)-- encourage basic research into new (non fossil fuel) resources (subsidies)-- encourage imports from friendly neighbor, Canada (Keystone pipeline)-- encourage local oil and gas exploration («drill, baby, drill»)-- encourage «clean coal» projects (tax incentives)-- set goal to become energy independent within ten years
It might at the same time increase its coal subsidies or reduce its gasoline taxes to offset the carbon tax.
Subsidies cause overconsumption of petroleum products, coal, and natural gas, and reduce incentives for investment in energy efficiency and renewable energy.
Authoritative sources such as EarthTrack have placed the fossil fuel industry's tax and fiscal subsidies at around $ 25 billion a year, a figure that pales beside the roughly $ 1,000 billion (one trillion dollars) paid annually for coal, oil and natural gas burned in the U.S. Do the math: withdrawing those subsidies would lead to at most a 2 - 3 percent rise in the market prices of fossil fuels — scant incentive to reduce their use and concomitant emissions of CO2.
While some leading industrial countries have been reducing subsidies to fossil fuels — notably coal, the most climate disrupting of all fuels — the United States has been increasing its support for the fossil fuel and nuclear industries.