$5.3 Trillion On Government Fossil Fuel Subsidies? What Total And Utter Bilge!
James DelingpoleBreitbartLondon
If I play my Led Zeppelin Houses of the Holy too loud and the government hasn’t charged me for the $1000 worth of lost sleep my neighbours claim it has cost them, does that mean the government has given me a $1000 “subsidy”? (H/T @sambowman)
You’d think the very notion absurd. And so would I. But not the Guardian, which has made this novel definition whereby an unacknowledged “negative externality” qualifies as a “subsidy” the subject of a massive front page splash. Nor the alleged economist Lord Stern who was given space to argue much the same thing on BBC Radio 4’s Today programme. Nor a formerly respectable institution called the International Monetary Fund (IMF), which has decided to throw its credibility to the wind with a bizarro headline announcement this week that the world’s fossil fuel industry is benefiting from global subsidies to the tune of $5.3 trillion.$5.3 trillion. Imagine! That’s $5,300,000,000,000, which is more money than the human mind can possibly conceive. It’s also, I would suspect, a lot, lot, lot more than any of the world’s governments could afford to hand out in subsidies to an industry perfectly capable of looking after itself.
How then did the IMF reach that extraordinary figure?