Dirty Money

People badly underestimate the extent to which the existing energy landscape is marred by subsidies and distortions. The latest numbers from the International Energy Agency, for example, suggest that half of the needed CO2 emissions reductions to prevent a 2 degree increase in global temperatures could be achieved simply by removing direct subsidies for the consumption of dirty energy. Add in production subsidies and (if you want to get fanciful about it) my bugaboos about parking minimums and the like, and you’re most of the way there.