Study: Cutting oil subsidies is no solution to check climate change

Feb 09, 2018, 7:25 AM EST
(Source: America's Power/flickr)
(Source: America's Power/flickr)

A study published in the journal, Nature, debunks the conventional notion that cutting subsidies granted to oil, natural gas and coal companies would gradually squeeze the fossil fuel industry by driving the prices up and knocking the consumption down.

According to the estimates based on the ensemble of five models, pulling back subsidies would cut carbon dioxide emissions by only a humble half-billion to 2 billion metric tons annually, which falls drastically short tiding over the pace of climate change, notes Scientific American.

The study even concludes that such a step might lead to an upstick in emissions in certain regions with coal replacing subsidized oil and natural gas, writes Watts Up With That.