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Focus on Fossil Fuel Subsidies in the Middle of Climate Crisis, not Elon Musk’s Wealth from Shares In Transformative Companies

Focus on Fossil Fuel Subsidies in the Middle of Climate Crisis, not Elon Musk’s Wealth from Shares In Transformative Companies

In Midst Of Climate Crisis, Focus On Fossil Fuel Subsidies, Not Elon Musk's Wealth From Shares Of Transformative Companies

I’ve seen quite a few vehement Twitter posts regarding Elon Musk, Tesla, subsidies, that 2008 government loan in which Tesla repaid American taxpayers back early and with interest as of late. Politicians and political talking heads have been taking to Twitter to discuss the woes of the villain, Elon Musk, and the wealth that he “stole from poor people.”

They point to Elon’s wealth and government subsidies for Tesla and SpaceX. Although the latter isn’t a clean energy company and uses fossil fuels like all aerospace companies, SpaceX has saved taxpayers millions of dollars with its reusable rockets and by offering by far the lowest cost to send NASA astronauts and equipment to space. Elon Musk, who previously stated that a carbon tax would harm SpaceX, is also in favor of it. This is often overlooked.

That aside, the target shouldn’t be on Elon Musk. It should be the fossil fuel industry. The fossil fuel industry is receiving $11 million in subsidies from the governments around the world. per minute.

Greenpeace launched earlier in the year. notedThe American government gives $20 billion per year in taxpayer money to fossil fuel industries. The article stated that the US government has subsidized coal, oil, gas for decades despite the fact the majority of Americans want to end these subsidies.

$11 Million A Minute Given Away By Governments To Big Oil, Gas, & Coal

Globally, the fossil fuel industry is generating billions of dollars each year and is threatening our planet. The Guardian reportedThat accordingAccording to the International Monetary Fund (IMF), each minute the fossil fuel industry receives $11,000,000 in government subsidies. In 2020, $5.9 trillion was spent on subsidies for the production and burning fossil fuels like coal, oil, or gas.

A number of countries have not set prices for their fuels to reflect the full supply and environmental costs. Experts said that the subsidies were unnecessary. The GuardianThey are contributing to the climate crisis and at a time where we need to rapidly reduce carbon emissions. IMF analysts pointed out that governments setting fossil fuel prices that reflect their true costs would cut worldwide CO2 emissions by over a third — a big step toward meeting the internationally agreed upon 1.5°C average warming target.

Maria Pastukhova of the think-tank E3GIt was the best, said he:

“The IEA’s net-zero roadmap projects that $5tn is necessary by 2030 to put the world on the pathway to a climate-safe world. It is maddening to realize the much-needed change could start happening now, if not for governments’ entanglement with the fossil fuels industry in so many major economies.

“Fossil fuel subsidies have been a major stumbling block in the G20 process for years.”

Focus on the Fossil Fuel Subsidies

Before you worry about Elon Musk, Tesla, or how much Elon has, think about the huge problem and backroom dealings that exist in the fossil fuel sector.

Instead of focusing on Elon Musk’s wealth made his first few millions, to hide the fact that our system is handing out trillions to an industry that is killing us.

They point to Elon Muss and demand that they end world hunger, end poverty, and fix the broken system.


 

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