Rich nations provided around five times as much in export subsidies for fossil-fuel technology as for renewable energy over a decade, according to the Organisation for Economic Co-operation and Development data seen by Reuters. ||| Barbara...Show More Summary
BRUSSELS (Reuters) - Rich nations provided around five times as much in export subsidies for fossil-fuel technology as for renewable energy over a decade, according to OECD data seen by Reuters.
Developing countries are taking small yet definitive steps to reduce subsidies and implement taxes on fossil fuels, with Ghana being the latest to have taken a decision in the same direction. The President of Ghana has announced that the levy on petroleum products will be increased to $0.02 per litre. Show More Summary
Of late, India has been cutting subsidies while at the same time increasing taxes on fossil fuels so as to transform itself from a carbon subsidy regime to one of carbon taxation. On Saturday, the country moved forward to double the “clean energy cess” it levies on coal used in the country. Show More Summary
Dr Sultan Ahmed Al Jaber, the Chairman of Masdar & UAE Minister of State, gave the opening remarks at the start of Abu Dhabi Sustainability Week and the World Future Energy Summit. Listening to them, it’s hard not to get the impression he could be labeled a climate hawk. Show More Summary
Our binge on fossil fuels is partly driven by gigantic subsidies. Low oil prices allow these to be tackled without a material impact on consumer (read voter) pockets. This is a chance to throw out fossil fuel subsidies, and bring in a robust carbon price. read more
As we attempt to move towards a clean energy economy, numerous roadblocks remain. One of the major obstacles standing in the way might not be as obvious as the others—federal subsidies. As we seek to accelerate the world’s transition to a clean energy economy, a rational approach to subsidies is critical. read more
Renewable energy production has boomed across the globe in recent years, driven by improvements to solar and wind turbines, increased economies of scale, and in some cases, significant government subsidies. A new report from financial...Show More Summary
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.