Washington, DC – Today, Representative Ilhan Omar and Senator Bernie Sanders introduced a bill that would effectively end subsidies provided by the federal government to fossil fuel corporations. Currently, oil, coal, and gas companies receive up to $15 billion in taxpayer-funded federal subsidies annually. This bill would abolish loopholes in the tax code that benefit fossil fuel corporations and prevent them from taking advantage of COVID-19 relief funds, among other measures.
350.org Associate Director of U.S. Policy Natalie Mebane gave the following statement in response:
“It’s outrageous that wealthy oil, coal, gas companies receive corporate welfare, paid for by our taxes, to wreck the planet year after year. When it comes to tackling the climate crisis, funding fossil fuels is like trying to put out a fire by pouring water with one hand and lighting a match with the other. We applaud Representative Omar and Senator Sanders for taking this long overdue step towards ending fossil fuel subsidies. As we face the compound crises of the coronavirus pandemic and climate change, the last thing we need is a bailout for Big Oil – these companies should bail out the people for the damage they’ve caused. With barely a decade to take bold, decisive action to curb the climate crisis and with COVID-19 continuing to devastate communities, we must stop funding pollution and start investing in a just recovery to build a thriving and equitable renewable energy economy.”
Press Contact: Thanu Yakupitiyage, [email protected]