$548 Billion In Global Fossil Fuel Subsidies “Rig The Game” Against Renewables

In the same week that a new study found that G20 nations, including Australia, were providing $US88 billion ($A102 billion) a year in subsidies just for fossil fuel exploration, another report – this time from the highly conservative International Energy Agency – has put a number to the global value of subsidies that artificially lowered end-use prices for all forms of fossil energy in 2013: $US548 billion.

It’s a huge number, and although $25 billion less than in 2012, the IEA notes that the $548 billion spent in 2013 – over half of which was directed to oil products – remains more than four times the value of subsidies to renewable energy and more than four times the amount invested globally on improving energy efficiency.

In its 2014 World Energy Outlook report, released on Wednesday, the IEA says the subsidisation of fossil fuels remains a big problem globally, imposing enormous economic, social and environmental costs.

via $548 Billion In Global Fossil Fuel Subsidies “Rig The Game” Against Renewables.

Categories: Energy, Transportation

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