Green Machine No.10 | Fine Art Print

“If we are to calculate the true cost for any fossil fuel, then, in addition to adding at least $60 per tonne of CO2 for the climate change damage, we need to add a valuation for the diseases and deaths caused by air pollution. Doing this dramatically increases the true cost, particularly for coal and diesel. Of course, this cost would vary widely by location. The concentrations of pollution and the density of population in Ukraine, China, and Indonesia means that burning coal has a very high impact on health, whereas burning the same coal in Ethiopia or Tanzania has a much smaller impact. Notwithstanding these variations, almost all countries are charging far too little for coal and diesel, typically covering the cost of supply but not factoring in the damage due to either global warming or local air pollution. Globally, if prices were raised to reflect the true costs of the damage caused, the IMF estimates that deaths from outdoor air pollution would be almost halved.” Neil McCulloch, Ending Fossil Fuel Subsidies