Fossil fuel subsidies five times greater than renewables

WORLDWIDE: Fossil-fuel subsidies around the world totalled $312 billion in 2009, over five times the amount available to renewable energy, according to the International Energy Agency (IEA).

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The figure was part of the IEA’s World Energy Outlook 2010 presentation examining the energy sector region by region up until 2035. The report found that $57 billion was made globally available in subsidies last year to renewables projects.

It is the first time a global renewables subsidy figure has been calculated and includes wind, hydro, solar, geothermal and marine energy. Renewables subsidies are expected to rise to $205 billion by 2035.

The study found oil and gas were the most heavily subsidised fuels, attracting $126 billion and $85 billion respectively. The IEA said the phasing out of fossil fuel subsidies would "represent an integral building block for tackling climate change".

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