End Fossil Fuel Subsidies
Annual federal subsidies to the fossil fuel industry total $15 billion dollars/year.
This money is keeping the fossil fuel industry alive. It’s propping up polluters as they poison communities, harm the environment, and drive us closer to climate chaos.
Congress could put an end to the polluter bailouts. It could invest in equitable climate solutions and other progressive priorities instead of keeping the fossil fuel industry alive.
The Federal Energy Regulatory Commission (FERC) is expected to approve Venture Global’s massive CP2 LNG project at its Open Meeting today.
For the sake of communities and the climate, the 45Y tax credit can’t be another subsidy for dirty energy and Big Oil.
Friends of the Earth released an analysis on the true social cost of carbon if the Biden administration continues allowing Big Oil to drill.
How We Can Put An End To Fossil Fuel Subsidies
Budget reconciliation is a powerful tool that allows certain tax and spending legislation to bypass the filibuster and pass the Senate with a 51-vote majority. The vast majority of fossil fuel subsidies are embedded in the tax code – meaning they’re vulnerable to repeal through reconciliation.
The coming infrastructure bill, given its likely focus on climate and the need to telegraph “fiscal responsibility” by raising new revenue, presents the best opportunity.
At Friends of the Earth, our strategy is to mobilize across the country and in key Congressional districts to leverage the reconciliation process and end fossil fuel subsidies.
The House Ways and Means and Senate Finance Committees will be in charge of writing the authorizing legislation that ends fossil fuel subsidies. So we’re working to pressure the two committee chairs: Sen. Ron Wyden and Rep. Richie Neal. At the same time, we’re building a national narrative to shine a spotlight on how fossil fuel subsidies undermine climate action.