(Fox News) As America’s debt rises to unsustainable levels, the U.S. government is losing billions every year on energy tax subsidies that do little to combat climate change.
That’s according to a tough report released this week by the National Research Council. The non-partisan academic report concluded that current tax policies are a “poor tool” for addressing climate change — and a costly one.
It found energy subsidies in 2011 and 2012 cost $48 billion, with limited results.
“Very little if any GHG (greenhouse gas) reductions are achieved at substantial cost with these provisions,” the report concluded.