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Share to Twitter Share to Linkedin In November, I wrote that fossil fuel subsidies worth $700 billion are stalling the energy transition. Many readers emailed me asking for specific examples of these subsidies. Others pointed out that $700 billion is a low estimate because it doesn’t account for the related health and environmental costs that are borne by the general public. Because you asked, let’s examine in more detail how your tax dollars give oil, gas and coal an unfair edge over clean energy. In addition, let’s consider why these subsidies persist despite their astronomical cost to taxpayers and victims of climate change. What Counts as a Subsidy? To recap, my team and I found that the 1,801 largest publicly traded oil, gas and coal companies worldwide earned net profits worth $500 billion USD in 2013 yet received direct subsidies worth $700 billion. This is a moderate estimate. On the low end of the scale is the latest estimate from the … [Read more...] about Yes, Fossil Fuel Subsidies Are Real, Destructive And Protected By Lobbying

Share to Twitter Share to Linkedin Topline Identity management company Okta announced plans on Thursday to lay off roughly 300 employees, one day after FedEx, DraftKings, cloud data company NetApp and automaker Rivian all announced major rounds of layoffs—the latest U.S. companies to implement job cuts as recession fears continue into 2023. Timeline February 2 Okta CEO Todd McKinnon unveiled plans to reduce the tech company’s workforce by 5% (roughly 300 positions) in a Securities and Exchange Commission filing on Thursday, citing a period of over-hiring over the past several years that did not account for the “macroeconomic reality we’re in today.” February 1 NetApp , a San Jose, California-based cloud data company, announced plans in an SEC filing to lay off 8% of its staff ( estimated to affect 960 employees) by the end of the fourth fiscal quarter of 2023 “in light of the macroeconomic challenges and reduced spending environment.” … [Read more...] about 2023 Layoffs: Okta Slashes 300 Jobs As DraftKings, FedEx Cut Staff

Share to Twitter Share to Linkedin Since 1800, worldwide consumption of fossil fuels has increased 1,300-fold . Access to this cheap energy has lifted people out of poverty and catalyzed economic growth, wealth creation and healthier living environments . So, the fossil fuel industry must be remarkably profitable, right? After all, if renewables like solar and wind were competitive in a free market, would we not have switched over by now? Wouldn’t the top of the Forbes Global 2000 be stacked with clean energy companies instead of oil and gas giants? It sounds reasonable that market forces make fossil fuels our energy source of choice. The reality is quite different, however. Oil and gas companies are better at procuring government subsidies than generating profits. That has led investors to overestimate the fossil fuel industry while leaving clean energy innovations underfunded. It seems like we give companies important to the energy transition “just … [Read more...] about Fossil Fuel Subsidies And Impact Greenwashing Are Stalling The Energy Transition

Customs duty changes in Budget will promote Make in India initiative: GTRI Customs duty changes for several products such as precious metals, small cars, bicycles, toys and telecommunication components in the Budget will help promote the Make in India initiative of the government, economic think tank GTRI said on Friday. The Global Trade Research Initiative (GTRI) also said the import duty changes in Union Budget 2023 -24 affect products that count for less than USD 14 billion or 2 per cent of the value in India's current import basket. "A large part of the Budget exercise was devoted to reducing the number of duty slabs and exemptions. The government continued with the current import duty structure, making changes only when it has big reason to do so. This will allow the firms to think long-term," GTRI co-founder Ajay Srivastava said. Customs duty changes fall into four broad groups - duty hike , duty reduction, correcting inverted duty structure, and reducing the … [Read more...] about Customs duty changes in Budget will promote Make in India initiative: GTRI

Share to Twitter Share to Linkedin Twenty-seven-year-old Edgar Garay was killed after he fell from a cliff in Puerto Rico last Sunday while attempting to film a social media video for TikTok. He is sadly among the latest person to be killed while trying to stage a perfect photo or video. A 2018 study conducted by Indian researchers from the All India Institute of Medical Sciences found that 259 people had died between 2011 and 2017 while trying to take "extreme selfies" with their phones. These have included falls from the tops of mountains, cliff sides, and even tall buildings; while others have been swept away by water currents, and more than a few were killed by wild animals. In one case, a pair of Russian soldiers had posed with a live grenade that suddenly went off, while a teenage Romanian girl tried to take an "ultimate selfie" from the top of a moving train only to come in contact with a live wire. It is also a global phenomenon – with … [Read more...] about Dying For The Perfect Photo Or Video – Is Social Media Claiming Lives?