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Global economy would save up to $160 trillion by shifting to renewables, electric cars

Annual fossil fuel subsidies

Every dollar spent on energy transition would pay off up to seven times.

When it comes to tackling the climate crisis, ending $400 billion in annual subsidies to the fossil-fuel industry worldwide seems like a no-brainer.

In 2018, however, a group of researchers questioned the magnitude of the climate benefits of subsidy reform, reporting that their simulations showed its effect would be “limited” and “small.” Stories in the press began asking whether such subsidies are such a big deal after all.

We think this is wrong.

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London has world’s first 24-hour Ultra Low Emissions Zone

A ULEZ (ultra-low emission zone) sign in London Monday directed motorists as authorities started to enforce the anti-pollution measure in the city. Photo by Andy Rain/EPA-EFE

London introduced the world’s first 24-hour city Ultra Low Emission Zone Monday in an effort to reduce air pollution and protect public health in Britain’s capital.

Vehicles are responsible for about half of the dangerous nitrogen oxide emissions in London…

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