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Fossil Fuels Receive 12X More Subsidies Than Renewables

Posted By Cameron Scott On August 3, 2010 @ 1:44 pm In Renewable Energy | 2 Comments

renewable energy, government subsidies, fossil fuels, wind power, sustainable design, bloomberg [1]

It’s a familiar refrain: renewable energy won’t look as enticing [2] after government subsidies are removed. While renewable energy does get government incentives, it turns out fossil fuels get more — way more. According to Bloomberg [3], the fossil fuel industry reaps roughly 12 times the subsidies that the renewable energy sector receives globally.

renewable energy, government subsidies, fossil fuels, solar power, sustainable design, bloomberg [4]

Bloomberg’s own analysis puts worldwide incentives for renewable energy [5] 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 [6] — 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 [7] totaling $24 billion.

Via Bloomberg [3]

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URL to article: http://inhabitat.com/fossil-fuels-receive-12x-more-subsidies-than-renewables/

URLs in this post:

[1] Image: http://inhabitat.com/wp-content/blogs.dir/1/files/2010/08/Greenenergy.jpg

[2] as enticing: http://inhabitat.com/2010/07/29/solar-power-is-cheaper-than-nuclear-for-the-first-time/

[3] Bloomberg: http://www.bloomberg.com/news/2010-07-29/fossil-fuel-subsidies-are-12-times-support-for-renewables-study-shows.html

[4] Image: http://inhabitat.com/2010/08/03/fossil-fuels-receive-12x-more-subsidies-than-renewables/obamasolar-ed01-2/

[5] renewable energy: http://inhabitat.com/energy/

[6] China: http://inhabitat.com/2010/07/21/worlds-largest-integrated-photovoltaic-bipv-project-online/

[7] loans: http://inhabitat.com/2010/06/17/doe-funds-to-make-nevada-the-saudi-arabia-of-geothermal-energy/

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