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Effect of government subsidies for upstream oil infrastructure on U.S. oil production and global CO2 emissions

The United States now produces as much crude oil as ever – over 3.4 billion barrels in 2015, just shy of the 3.5 billion record set in 1970. Indeed, the U.S. has become the world’s No. 1 oil and gas producer. The oil production boom has been aided by tax provisions and other subsidies that support private investment in infrastructure for oil exploration and development. Federal tax preferences, for example, enable oil and gas producers to deduct capital expenditures faster, or at greater levels, than standard tax accounting rules typically allow, boosting investment returns.

Protecting Nature by Reforming Environmentally Harmful Subsidies: The Role of Business

Industry-specific reviews of government subsidies have been much more common than analyses examining several natural resource sectors at once. Yet there is a great deal of overlap across sectors. Indeed, it is the combination of support provided by multiple levels of government and government programs, across numerous natural resource areas, that can accelerate resource depletion, pollution, or habitat loss in particular regions.

12 Guilty Fogeys: Big Oil’s $86 billion offshore tax bonanza

Multinational firms often use complicated corporate structures and arcane provisions of the tax code to minimize or eliminate their global tax payments. Arcane changes in tax rules can give rise to big losses in tax revenues to country treasuries, as happened in the 2017 tax law passed under the Trump Administration, to the great benefit of oil and gas firms. Under this law, companies that extract oil and gas overseas enjoy special exemptions within the Global Intangible Low-Tax (GILTI) regime covering Foreign Oil and Gas Extraction Income (FOGEI).

Pipelines or Progress: Government support for oil and gas pipelines in Canada

The author examined support by provincial and federal governments in Canada to three major pipeline projects, none of which has been completed to date. At least eight different types of financial support measures provided for Trans Mountain, two for Keystone XL, and two for Coastal GasLink. Cumulatively, Canadian governments have provided over CAD 23 billion in government support since 2018. Of this, over CAD 11 billion is in loans, and at least CAD 10 billion is loan guarantees or liabilities.

Effect of subsidies and regulatory exemptions on 2020–2030 oil and gas production and profits in the United States

The United States has supported the development of its oil and gas industry since the early twentieth century. Despite repeated pledges to phase out 'inefficient' fossil fuel subsidies, US oil and gas production continues to be subsidized by billions of dollars each year. In this study, we quantify how 16 subsidies and regulatory exemptions individually and altogether affect the economics of US oil and gas production in 2020–2030 under different price and financial risk outlooks.

Investment Disclosures by Asset Class: Current Practice at Harvard Compared to Other Large Funds

Harvard has the largest university endowment in the world.  Its investments are run by the affiliated Harvard Management Company (HMC), which operates under the Treasurer of the University and the Harvard Corporation.  The University has committed that the endowment will be net zero greenhouse gas emissions by 2050.  The stature of both the University and its endowment mean that real innovations in investment tracking, measurement, and selection would have enormous ripple effects across many other large investors.  At present, however, there have been no interim milestones publicly announce

Measuring distortions in international markets: Below-market finance

The support that governments provide to their industrial producers has been a growing source of concern. Much of that support is provided by governments through the financial system, either in the form of below‑market borrowings or below-market equity. To better understand the nature and scale of this support, this report uses publicly available information for 306 of the largest manufacturing firms in 13 industrial sectors, covering the period 2005-19.

How subsidies aided the US shale oil and gas boom


This analysis looks at the last two decades of investment data for US oil and gas fields to evaluate how major federal subsidies may have played a role in the huge boom in US oil and gas production. It finds that federal subsidies amplified the expected financial returns of investing in unconventional oil and gas development, thereby helping to spur and sustain the US shale boom over the last two decades.

Decarbonizing Harvard’s Endowment: Reviewing Harvard Management Company’s First Climate Report

Harvard Management Company (HMC), which manages Harvard University’s nearly $42 billion endowment, released its first Climate Report in February 2021.  As the largest university endowment in the world, decisions Harvard makes to tangibly and materially reduce the climate impact of its investments will garner significant attention around the world and provide space for many other institutions to make similar moves.  Further, the school has the scale and the stature to coordinate with other institutional investors and accelerate the pace of financial innovation across asset classes t