Does anyone think fossil fuels should be more expensive? The true price of coal, oil and gas − the cost they exact on human health and in environmental destruction − in the energy and transport sectors worldwide could add up to very nearly US$25 trillion (£18tn). And in the economists’ favourite measure of wealth, that is more than one fourth of the whole world’s Gross Domestic Product, or GDP. That fossil fuels are subsidised and their “external” costs rarely factored in to the price is well known and widely condemned. But researchers in the UK and Korea report in the journal Energy Research and Social Science that they decided to try to put a price on all the “externalities” − both the unrecorded or unexpected costs and the unconsidered benefits to be connected with the supply of electricity, energy efficicency, and transport.
Climate News Network 11th March 2021 read more »