Govt support for fossil fuels 'dwarfs renewable cheap energy funding' - 05/08/2010
A new report shows that government support for the fossil fuel industry is around ten times that offered to renewable cheap energy firms.
According to a study released by analyst Bloomberg New Energy Finance, governments delivered subsidies worth between $43 billion (£27 billion) and $46 billion to renewable energy and biofuel industries last year, including support provided via grants, tax credits, feed-in tariffs, renewable energy credits and other subsidies.
Meanwhile, the International Energy Agency estimates that the fossil fuel industry received $557 billion in subsidies from governments during 2008.
"One of the reasons the clean energy sector is starved of funding is because mainstream investors worry that renewable energy only works with direct government support," commented Michael Liebreich, chief executive of Bloomberg New Energy Finance.
The report predicted, however, that renewable cheap energy subsidies should increase following $188 billion in green government stimulus packages scheduled to be delivered this year.
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