by Jennifer Quinn, PennFuture Central PA Outreach Coordinator
Last month, PennFuture issued an updated version of its Fossil Fuel Subsidy Report, which shows that subsidies to the highly profitable, mature fossil fuel industry now exceed $3.25 billion annually. The cost of these fossil fuel subsidies translates to $794 per Pennsylvania taxpayer per year. The subsidies are being granted at a time when the state faces a $1.5 billion budget shortfall and investments in emerging renewable energy industries, such as solar and wind, are comparatively small.
Creating billions of dollars of fossil fuel subsidies while neglecting sensible long-term investments is a choice that has consequences not only for the citizens of Pennsylvania today but for our children and grandchildren tomorrow. Renewable energy sources have succeeded when smart policy creates a level playing field and a healthy market. But decades of subsidies, market supports, and burdensome legacy costs have distorted the market in favor of the fossil fuels industry. This report is a snapshot of a single year of such distortions.
We should be informed and have a say in Pennsylvania’s energy future. PennFuture hopes this report continues that conversation. Click here for the full report.