The IMF reports that governments around the world are spending nearly $2 trillion to subsidize oil, natural gas, coal and electricity production at a time when nations must curb fossil fuel use to slow global climate change.
A new report by Oil Change International has found wealthy nations are spending five times more money on fossil fuel subsidies than on climate aid. In 2011, rich nations spent $58 billion on subsidies and just $11 billion for climate adaptation and mitigation in developing countries. According to the study, the United States spent $13 billion on fossil fuel subsidies in 2011 and just $2.5 billion in climate aid.
Study: US Gave $72 Billion in Fossil Fuel Subsidies Since 2002
A new study has found the US government has delivered more than twice as many federal dollars to subsidize fossil fuels such as oil, coal and natural gas since 2002 than for renewable energy programs. Between 2002 and 2008, the federal government gave $72 billion in subsidies to fossil fuels through research initiatives, tax incentives and other programs. At the same time, government spending on traditional renewable energy sources such as wind and solar totaled just $12 billion. Another $17 billion went to ethanol made from corn.
Fossil Fuel Subsidies in Developed Nations
Time to change the game on fossil fuel subsidies and climate