Canada-U S talks on climate-change issues ramp up
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iPolitics By iPolitics. Published on Apr 8, 2021 10:40am U.S. President Joe Biden in January (Twitter Photo: @POTUS)
The Lead
The Treasury Department estimates that eliminating subsidies for fossil fuel companies would create more than $35 billion in tax revenue over the coming decade. It also said the current subsidies undermine energy independence, hinders the fight against climate change, and harms air and water quality across the country, especially in communities of colour.
“Tax preferences for oil, gas and coal producers today decrease their tax liabilities relative to other firms,” the Treasury said in a statement. “Fossil fuel companies additionally benefit from substantial implicit subsidies, since they sell products that create externalities but they do not have to pay for the damages caused.”