Report: Fossil Fuel Industry Receives $12 Trillion Annually in Hidden Subsidies, Costing $1,400 Per Person

Summary

A report by environmental group 350.org reveals that the global fossil fuel industry receives approximately $12 trillion in annual subsidies when accounting for hidden costs like health impacts, climate damage, and environmental degradation. This amounts to roughly $1,400 per person worldwide. The study argues that the economic case for fossil fuels has collapsed, as these hidden costs far outweigh the industry's benefits, while a small group of companies profits at society's expense. The report comes amid oil price spikes linked to geopolitical tensions involving the US, Israel, and Iran.