Home > slashdot > Fossil Fuel Subsidies Dwarf Support For Renewables

Fossil Fuel Subsidies Dwarf Support For Renewables

July 31st, 2010 07:18 admin Leave a comment Go to comments

TravisTR sends word of research from Bloomberg New Energy Finance which found that direct subsidies for renewable energy from governments worldwide totaled $43-46 billion in 2009, an amount vastly outstripped by the $557 billion in fossil fuel subsidies during 2008.
“The BNEF preliminary analysis suggests the US is the top country, as measured in dollars deployed, in providing direct subsidies for clean energy with an estimated $18.2bn spent in total in 2009. Approximately 40% of this went toward supporting the US biofuels sector with the rest going towards renewables. The federal stimulus program played a key role; its Treasury Department grant program alone provided $3.8bn in support for clean energy projects. China, the world leader in new wind installations in 2009 with 14GW, provided approximately $2bn in direct subsidies, according to the preliminary analysis. This figure is deceptive, however, as much crucial support for clean energy in the country comes in form of low-interest loans from state-owned banks. State-run power generators and grid companies have also been strongly encouraged by the government to tap their balance sheets in support of renewables.”

Source: Fossil Fuel Subsidies Dwarf Support For Renewables

Related Articles:

  1. Study: Global Warming Solvable If Fossil Fuel Subsidies Given To Clean Energy
  2. US Military Orders Less Dependence On Fossil Fuel
  3. Ariz. Team Seeks Fossil-Fuel Cost Parity, Using Solar Energy Concentrators
  4. Harvard Students Move Fossil Fuel Stock Fight To Court
  5. 4 Prominent Scientists Say Renewables Aren’t Enough, Urge Support For Nuclear
blog comments powered by Disqus