IEA reports that fossil fuels industry receives $500b in subsidies

Bloomberg reports that the International Energy Agency reports that the fossil fuels industry receives $500 billion a year in subsidies, and is holding back investment in cleaner forms of energy.

Oil, coal and gas received more than four times the $120 billion paid out in incentives for renewables including wind, solar and biofuels, the Paris-based institution said today in its annual World Energy Outlook. The IEA singled out the Middle East as a region where fossil fuel subsidies are hampering renewables. It said 2 million barrels per day of oil are burned to generate power that could otherwise come from renewables, which would be competitive with unsubsidized oil.

More on the report.