Fossil fuel subsidies vs renewables: WTF?

Earthgauge Radio

Check out this article from the Guardian. We all know that the fossil fuel industries continue to be subsidized but did you have any idea of just how much money the oil, gas and coal industries are receiving from governments the world over? It’s a lot.

In fact, the International Energy Agency estimates that fossil fuel industries receive 5 times the subsidies than those received by renewable energy companies.  To quote the Guardian article:

It’s worth pausing for a moment to take in the sheer amount of money we’re talking about here: more than half a trillion dollars in 2008 (when energy prices hit record highs), equivalent to the total GDP of Sweden or Saudi Arabia. The figure was lower in 2010, but so far there’s no obvious sign of a downward trend, seemingly because reductions in subsidies in some countries have been offset by rising energy prices, which can…

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