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).

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".