Subsidies for fossil fuels dwarf support for renewables
August 2nd, 2010Last year governments world-wide provided $43 – $46 billion of support to renewable energy through subsidies such as tax credits, guaranteed electricity prices known as feed-in tariffs, and alternative energy credits.
Sounds pretty good, right?
But not so fast. In 2008, governments provided $557 billion in subsidies to fossil fuels.
An analysis by Bloomberg New Energy Finance shows that the global direct subsidy for fossil fuels is at least ten times the subsidy for renewables.