NewEnergyNews: OLD ENERGY SUBSIDIES = 5X $$$ SPENT IN CLIMATE FIGHT

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    Thursday, December 06, 2012

    OLD ENERGY SUBSIDIES = 5X $$$ SPENT IN CLIMATE FIGHT

    Fossil-Fuel Subsidies of Rich Nations Five Times Climate Aid

    Alex Morales, December 3, 2012 (Bloomberg BusinessWeek)

    “Rich countries spend five times more on fossil-fuel subsidies than on aid to help developing nations cut their emissions and protect against the effects of climate change, the Oil Change International campaign group said…In 2011, 22 industrialized nations paid $58.7 billion in subsidies to the oil, coal and gas industries and to consumers of the fuels, compared with climate-aid flows of $11.2 billion…

    “The data underline the steps developed nations may be able to take to cut their emissions as ministers from 190 nations meet in Doha to discuss measures to curb global warming. Eliminating the subsidies would reduce incentives to pollute and help rich nations meet their pledge to provide $100 billion a year in climate aid by 2020…”

    “…[Subsidies enabling] consumers to fuel cars and heat their homes more cheaply…totaled $523 billion last year, mainly from support paid out in developing countries. Production subsidies make it cheaper for oil and gas companies to extract the fuels…U.S. and European Union envoys in Doha agreed that fossil fuel subsidies should be phased out…Aid is a keystone of climate agreements, and developing nations from Barbados to China have complained in Doha about the lack of transparency surrounding $30 billion of so-called fast- start finance that industrialized nations pledged to pay for the three-year period ending in 2012. They’re also calling for a ‘‘roadmap’’ setting out how the $100 billion goal will be met…

    “Of the 22 nations examined, Slovenia and Finland paid out more than 50 times in subsidies what they gave in climate aid…U.S. subsides were the highest at about $13.1 billion, or five times its $2.5 billion of climate aid in 2011…[The current U.S.] administration has been seeking to eliminate about $4 billion in annual fossil fuel subsidies [but] Congress has yet to act…While Congress has approved almost $7.5 billion in fast- start finance over the three years, at an average of about $2.5 billion, its actual contribution in 2011 was $3.2 billion…Australia paid $8.4 billion in subsidies, while Germany and the U.K. paid $6.6 billion each….Japan had the best record, with aid of $5 billion exceeding fossil fuel subsidies of $439 million…”

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