The G20 countries spend almost four times as much to prop up fossil fuel production as they do to subsidize renewable energy, calling into question their commitment to halting climate change, a think tank said.
The G20 spent an average $78 billion on national subsidies delivered through direct spending and tax breaks in 2013 and 2014, according to a report from the Overseas Development Institute (ODI).
View of smokestacks, about 200m (656 feet) high, at a thermal power plant in Inchon, west of Seoul, Feb. 1, 2007.
Credit: ReutersA further $286 billion was invested in fossil fuel production by G20 state-owned enterprises. Related public finance was estimated to average a further $88 billion a year.
Sourced through Scoop.it from: www.climatecentral.org
GR: The energy industry control of government policy and spending will make enforcement of any emissions pledges difficult to enforce. The writing is on the wall, however, and some investors will switch to renewable energy technology and production. The great energy battle to come will be between the distributed individual power producers and government policies controlled by centralized producers. The need to limit corporate power has never been greater.
