Estimating the True Cost of Fossil Fuels

Here’s an interesting article for those trying to understand the subsidies associated with fossil fuels; it’s an interpretation of the recent report from the International Monetary Fund,  that pegs the number at $5.3 trillion annually, or $10 million per minute.

Keep in mind that the word “subsidies” needs to be understood in a broad sense, so as to include the externalities associated with burning hydrocarbons and dumping the exhaust into our skies and oceans.  On this basis, skeptics may rightly object to the use of the word, so perhaps we need to find another one.  In any case, we’re talking about the collective amount of money that the world is paying or will one day pay (on top of the price of gasoline, electricity from coal-fired power plants, etc.) directly or indirectly to foster this industry and clean up its mess.  Call it what you will; needless to say, the exact name we give it is less important than the overall concept.

The obvious implication: renewable energy is the deal of the century.