Fossil fuel subsidies

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The “hidden cost” of our largely fossil fuel-based energy and transport systems could add up to around $25 trillion (£18 trillion) – the equivalent of more than a quarter of the world’s entire economic output.
That’s according to new research, which estimates the hidden environmental, social and health costs associated with different forms of transport and electricity generation.

There are many “hidden costs” associated with these systems, which occur from production to end use by humans, the researchers say. For example, the burning of fossil fuels for electricity generation not only drives damaging climate impacts such as more frequent and severe extreme weather events, but also deadly air pollution.

Our global reliance on petrol vehicles is also fuelling climate change and air pollution, as well as an increased strain on our health systems through car accidents. These impacts are not reflected in the market price of fossil fuels, explains Prof Benjamin Sovacool, an energy policy researcher from the University of Sussex and lead author of the new research, which is published in the journal Energy Research & Social Science..

‘Hidden cost’ of energy and transport could add up to $25 trillion, research estimates | The Independent