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.

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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.

Via Bloomberg