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Fossil Fuels Receive 12X More Subsidies Than Renewables
It’s a familiar refrain: renewable energy won’t look as enticing after government subsidies are removed. While renewable energy does get government incentives, it turns out fossil fuels get more — way more. According to Bloomberg, the fossil fuel industry reaps roughly 12 times the subsidies that the renewable energy sector receives globally.
Bloomberg’s own analysis puts worldwide incentives for renewable energy sources last year at $43 – 46 billion. International Energy Agency data for 2008 counted the fossil fuel industry’s tally at a whopping $557 billion.
The analysis also noted that the U.S. was technically the biggest contributor to renewables, with $18.2 billion in incentives. China — which industry watchers say is outpacing the United States — checked in with just $2 billion. But Bloomberg called that number “deceptive,” because the economic tiger also provides the sector with low-interest loans totaling $24 billion.
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