Fossil Energy Subsidies: The Bottom Line | Frankly #43

The Great Simplification with Nate Hagens

Nate Hagens

Science, Earth Sciences, Natural Sciences

4.8 • 553 Ratings

🗓️ 1 September 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this week's Frankly, Nate reacts to recent analysis by the International Monetary Fund (IMF) critical of 2022 subsidies to fossil fuel. These subsidies - by IMF math totalling $7+ trillion - are not what they seem, resulting in widespread confusion on what is really going on. By peeling back the layers of the onion on these oft-misunderstood benefits - Nate outlines what comprises these fossil fuel subsidies, who receives them, the purpose they serve, and who benefits from them (spoiler alert - we ALL do). How do these subsidies fit into the larger story of the huge energy surplus that fossil fuels have provided? What will it mean for societies when the subsidy that is fossil fuels goes away? Will we be prepared when the externalities - paid for in these subsidies - catch up with us and we need to learn to live with the aftermath of the Carbon Pulse?

To Watch on Youtube: https://youtu.be/DpcjHqXYrFs

For Show Notes and More: https://www.thegreatsimplification.com/frankly-original/43-fossil-energy-subsidies-the-bottom-line

Transcript

Click on a timestamp to play from that location

0:00.0	Greetings. I am going to be traveling the next three weeks. Hopefully I can record a couple of
0:07.1	these Franklies before I leave. I have a lot to say. Keep in mind that these Franklies are not
0:15.2	intended to be peer review, you know, heavily researched things, but rather fireside interdisciplinary chats at the
0:28.2	fireside of the world that is starting to burn. So I usually kind of gear these up in my mind
0:36.0	on a bike ride, come back, write some notes and I record them.
0:39.5	If there are mistakes and I verbally make some snafus, we instead of re-recording them,
0:45.6	we'll put a little white note on the screen.
0:52.5	I would like these to be kind of hot takes on what's going on in the news, as well as my
1:00.0	emotional, psychological take on issues relevant to our future. These are kind of anti-establishment viewpoints. And so I'm always a little sensitive to
1:17.1	how they're going to land with people. I am not naturally anti-establishment. I just happen to be
1:23.1	anti-the-current narrative of this establishment, because as events get more chaotic, I think the establishment,
1:33.2	those in power are going to increasingly say things that are disconnected from our biophysical reality.
1:41.3	So there are two events, speaking of anti-establishment over this past weekend that I wanted to talk about,
1:49.1	one of which is Der Spiegel had a major 15 journalist article talking about what happened to the Nord Stream pipeline and all the clues
2:04.2	and research and journalism pointed to the Ukrainians with backing from the West.
2:12.9	This isn't news to many people, but I think the fact that it's in one of the main newspapers
2:19.9	of Germany is news. And it pretends potentially a sea change of what's going on. I think the next
2:28.4	two months are going to be really critical in the Russia-Ukraine-NATO predicament. I am hoping that there will be a
2:40.4	de-escalation instead of a re-escalation, because a re-escalation could be bad. But I'm going to talk
2:48.9	about something less likely to upset people, but still possible likely to upset people, which is earlier this year, the International Energy Agency released a report on the massive increase in fossil energy companies subsidies in 2022. In this past weekend,
3:12.2	the IMF followed that up with a paper and a blog saying they were even more massive.
3:21.8	I was going to talk about the four shapes of the carbon pulse, which I will
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