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Commodities Briefing - Categorized | Energy, Financial, Oil more

Stop subsidizing fossil fuels, IEA tells governments

Posted on 10 October 2011

If the status quo continues, global subsidies for fossil fuel consumption will reach $660 billion in 2020 - 0.7% of global gross domestic product, says the International Energy Agency (IEA).
In 2010, governments and taxpayers spent $409 billion propping up production and consumption of fossil fuels, up from $312 billion in 2009 - the year when G-20 Leaders agreed to phase them out, saying they “encourage wasteful consumption, reduce our energy security, impede investment in clean energy sources and undermine efforts to deal with the threat of climate change.”………………………………………Full Article: Source


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