— “Žast sums have been spent ly t on renewables and s o they are still more epensive” s c e i s n Œlobal renewable ener subsidies are approximatel in o p s e the order of usd100 billion each ear excludin the r implicit subsid that renewable ener often receies b wa of public spendin on electricit rid connections and costs for the manaement of intermittenc‚ — Œlobal fossil fuel consumption subsidies tend to be around usd100–”00 billion each ear dependin upon fossil ener prices‚ Subsidies in 201¡ were estimated to be around usd00 billion‚! — ‹f the costs of damae to the enironment are included as an implicit subsid the subsid to fossil fuels is around usd” trillion each ear‚@ “ote howeer that fossil fuels currentl proide sinificantl more ener — indeed the ast mašorit — for the lobal econom‚ — …echnoloical proress in horizontal drillin and hdraulic fracturin hae led to sinificant declines in the cost of oil and as extraction from 200— onwards in the usa as shown in figure ‚ figure …wo decades of us natural as prices Henr Hub “atural Œas Spot ˆrice ›usd per million btuœ USD20 Source: US Energy Information Agency ( 26.10.2020). https:// www.eia.gov/dnav/ USD15 ng/hist/rngwhhdD.htm USD10 USD5 USD0 1997 2000 2010 2020 1 iea 201— 2 Coad et al‚ 201” ‘¡
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