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John Coram's picture
Global Sales Manager Storz Power

I am a passionate but reasonable conservationist, which basically means I ardently support the transition to renewable energy in every way possible, without chaining myself to a smokestack to...

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  • Jul 24, 2019 1:00 pm GMT
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Should we be encouraged or frightened that Rolling Stone Magazine printed this article?

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Bob Meinetz's picture
Bob Meinetz on Jul 24, 2019

John, the IMF study doesn't catalog subsidies, but instead arrives at a number based on a subjective determination of "reasonable profit" for fossil fuel companies: "Start with total revenue of fossil fuel companies. After adding the environmental and health impact of them on society, subtract what they should have made, based on how much fuel they sold with some 'reasonable profit' added on top. Call anything left over a 'subsidy'."

If you calculated your taxes the same way you'd be hit with a 6-figure bill from the IRS, complete with interest and penalties.

John Coram's picture
John Coram on Jul 24, 2019

Shhhhhhhhh......Don't give the IRS any ideas!

Bob Meinetz's picture
Bob Meinetz on Jul 24, 2019

Got it. I call any income left over a "deduction" (just between you and me).

Matt Chester's picture
Matt Chester on Jul 24, 2019

I find it an interesting, if incomplete, way to get to the number though. Because that number they're left with shows the value that the fossil fuel companies appear to be intrinsically getting. It's sticky because it's basically saying the lack of a carbon tax is a subsidy, but there's certainly an argument that that number is an important one to track and consider

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