According to the Bloomberg website, fossil fuels received six times the subsidies that renewable energy received from the governments of the world last year. The article cites the International Energy Agency's report of an increase to an equivalent of $409 billion in subsidies for natural gas, coal and gasoline. This happened despite a 2009 pledge by G20 nations to phase out subsidies for "carbon-based fuels [that are] dug or pumped out of the earth."Do you know where I'm going with this?
According to the IEA's World Energy Outlook, the subsidy of fossil fuels creates "market distortions that encourage wasteful consumption." And the "costs of subsidies to fossil fuels generally outweight the benefits."
I know that it is hard for politicians to say no to Chevron and BP after they've received such generous campaign contributions, but the world would be a better place if they did so.
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