Suchergebnisse

Environmental challenges, which are evident in every part of the world, are happening more rapidly than ever and currently escalating. The threat, posed by our degrading environment, is principally triggered by our sustained use and production of fossil fuel energy. Yet, the fossil fuel energy industry continues to receive massive support in the form of subsidies every year which is worsening our environmental problems. Although, fossil fuel energy is widely considered to be environmentally harmful, recent estimates of global fossil fuel energy subsidies stand at hundreds of billions of dollars annually. The aim of this article is to address environmental challenges by redirecting societal choice towards environmentally beneficial energy resources through fossil fuel energy subsidies reforms. The article adopted the doctrinal research methodology and generated its data through international treaties, policy documents, textbooks, journal articles, manuscripts, monographs, and internet websites. The article finds that fossil fuel energy subsidies harm and creates environmental challenges including causing over-extraction of fossil fuel energy resources, causing local air pollution, providing significant market barriers to investment in renewable energy, and escalating climate change through increased emissions of greenhouse gases (GHG). The article also finds that fossil fuel energy subsidies reforms benefits the environment by creating significant fossil fuel energy resource efficiency gains, generating revenue to finance investment in renewable energy, mitigating climate change through reduction in GHG emissions, and reducing local air pollution. The article concludes with a call on the international community to start addressing environmental challenges through fossil fuel energy subsidies reforms.