Your taxpayer dollars at work … helping big oil and coal
Fossil Fuel Subsidies Top $450 Billion Annually, Study SaysThe report underscores the obstacles the world faces in transforming the global energy economy just weeks before critical Paris climate treaty talks.
By Naveena Sadasivam, InsideClimate News
Nov 12, 2015
The governments of the world's 20 largest economies spend more than $450 billion annually subsidizing the fossil fuel industry, a new analysis has concluded, four times more than what they spend on renewable energy.
The report by Oil Change International, a Washington-based advocacy organization, and the Overseas Development Institute, a British research group, calculates the amount of money the G20 nations provide to oil, gas and coal companies through tax breaks, low cost loans and government investments. It comes just weeks before country representatives convene in Paris to forge a climate deal that aims to put the global energy economy on a path to zero emissions, and it underscores the obstacles this effort faces.