Global fossil fuel subsidies 12 times greater than renewable energy subsidies: Bloomberg report

| August 2, 2010

In New York, Bloomberg New Energy Finance released a report concluding that national governments offered $557 billion in fossil fuel subsidies in 2008, while giving $43 to $46 billion in tax credits, feed-in tariffs to renewable energy. The group cited figures from the International Energy Agency for fossil fuel subsidies.

The German feed-in tariff for solar energy, costing $9.6 billion, was the biggest single support in renewable energy, with a total of $19.5 billion in EU feed-in tariffs, while the US had a total of $18.2 billion in clean energyh support in 2009.

New Energy Finance said that the figures countered perceptions that clean energy industries were addicted to government subsidies and could not compete with fossil fuels.

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Category: Policy

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