Fossil fuel subsidies

According to IEA, fossil fuel subsidies amounted to $557 billion in 2008. This represents an increase from $342 billion in 2007. Fossil fuel subsidies are leading to higher levels of consumption and not promoting energy efficiency nor the switch from fossil fuels to alternative, renewable fuels.

“Many governments are giving subsidies to fossil fuel production and consumption that encourage greenhouse gas emissions, at the same time as they are spending on projects to promote clean energy,” says Angel Gurría, OECD Secretary-General. “This is a wasteful use of scarce budget resources.”

Source of this information:
Energy Efficiency News