Countries around the globe have committed to reducing subsidies for fossil fuels. But that commitment is not being put into practice quickly enough for cleaner energy solutions to gain a competitive edge in some regions, according to the 2014 World Energy Outlook from the International Energy Agency. read more
Rich G20 nations are spending about $88 billion ( USD ) each year to find new coal, oil and gas reserves even though most reserves can never be developed if the world is to avoid catastrophic climate change, according to a new report. Generous...Show More Summary
Originally published on RenewEconomy. By Sophie Vorrath In the same week that a new study found that G20 nations, including Australia, were providing $US88 billion ($A102 billion) a year in subsidies just for fossil fuel exploration,...Show More Summary
Fossil fuel subsidies continue to rise: In 2009, G20 leaders agreed to phase out fossil fuel subsidies by 2020. But it’s clear that most countries are going in the opposite direction, especially the U.S. The government provided $2.6 billion in subsidies for exploration in 2009, which nearly doubled to $5.1 billion by 2013, thanks to […]
The G20 nations pledged to phase out fossil fuel subsidies. Instead they're now spending $88 billion a year just on exploration, not to mention all the other subsidies.
Oil Change : "by providing subsidies for fossil-fuel exploration, the G20 countries are creating a ‘triple-lose’ scenario. They are directing large volumes of finance into high-carbon assets that cannot be exploited without catastrophic climate effects."
More than 345 global institutional investors, which represent more than $24 trillion in assets, are calling on governments to put a price on carbon and phase out fossil fuel subsidies. Governments should also develop an ambitious global...Show More Summary
Managing over $24 trillion in assets, IIGCC, which counts BlackRock and Calpers among its membership -- is calling for definitive carbon pricing, more clean energy investment and elimination of fossil fuel subsidies.
Investments in renewable energy could get a big boost if the world put the brakes on fossil fuel subsidies; but it's not a realistic option. Here's why.
Maria van der Hoeven, Executive Director of the International Energy Agency (IEA) recently expressed her view that “ending ‘wasteful fossil fuel subsidies’, which may encourage overconsumption of oil and gas, particularly in the Middle East,” still constitutes a big challenge around the world. read more
Cashing in on All of the Above: U.S. Fossil Fuel Production Subsidies under Obama July 2014 (Oil Change International) Executive Summary Each year, the U.S. federal and state governments give away more than $21 billion in subsidies to...Show More Summary
Because oil and gas production has soared, so has the value of various tax breaks for the industry.
Sick of solar panels and wind turbines being expensive because of all those fossil fuel subsidies? Looking for a way to reduce that electric bill, lower your carbon footprint, and show off to your neighbors? The good news is that you don't have to build a
We all know that the renewable energy and fossil fuel industries don’t operate on a level playing field. Though definitions vary, the IMF found that in 2013 global subsidies of fossil fuels rose to “$1.9 trillion worldwide — the equivalent...Show More Summary
'Cheater economics' enables polluting products to be sold cheaper than many clean products and includes subsidies for fossil fuels, pesticides and toxic chemicals. Cheater economics tolerates pollution externalities, as economists have noted. Show More Summary
Fossil fuel subsidies cost governments in emerging markets more than $500 billion every year and are a major contributor to climate change, according to the International Energy Agency
Originally published on RenewEconomy. By Sophie Vorrath Science informs us about the environmental cost of our global fossil fuel habit – the IPCC recently reported that CO2 emissions from fossil fuel combustion and industrial processes...Show More Summary
On April 11 in connection with the spring World Bank/International Monetary Fund meetings taking place in Washington, D.C., representatives of G-20 and APEC member economies and other countries and international organizations met on the problems resulting from fossil fuel subsidies around the...
A gas platform run by a Norwegian oil company stands above the North Sea off the coast of Norway, June 8 2006. [AP File Photo] On April 11 in connection with the spring World Bank/International Monetary Fund meetings taking place inShow More Summary
President Barack Obama has announced his fiscal year 2015 budget proposal, which seeks to provide billions of dollars for clean energy and eliminate $4 billion in fossil fuel subsidies. The proposed budget would provide multiple federal agencies with funding to further spur renewable energy development in the country. For example, the U.S. Department of Energy Continue reading ?