NewEnergyNews: FOSSIL FUEL SUBSIDIES COULD FUND GLOBAL CLIMATE FIGHT

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  • World’s Biggest Wave Energy For Bali

    Friday, November 13, 2015

    FOSSIL FUEL SUBSIDIES COULD FUND GLOBAL CLIMATE FIGHT

    Fossil Fuel Subsidies Top $450 Billion Annually, Study Says; The report underscores the obstacles the world faces in transforming the global energy economy just weeks before critical Paris climate treaty talks.

    Naveena Sadasivam, November 12, 2015 (Inside Climate News)

    “The governments of the world's 20 largest economies spend more than $450 billion annually subsidizing the fossil fuel industry, a new analysis has concluded, four times more than what they spend on renewable energy…[It] calculates the amount of money the G20 nations provide to oil, gas and coal companies…[There are three main ways in which governments subsidize fossil fuel companies…[Direct spending] and tax exemptions…Government-owned oil and gas companies…[and] Investments in fossil fuel production through government-backed banks and other financial institutions…In China, for instance, a majority of the oil and gas companies are owned by the state…The vast majority of subsides to the industry in the U.S., on the other hand, are through tax breaks…The IEA has also estimated that countries spent $121 billion in 2013 on renewable energy…” click here for more

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