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IEA warns of ballooning world fossil fuel subsidies

| From reuters.com
PARIS ( Reuters ) - Global subsidies for fossil fuel consumption are set to reach $660 billion in 2020 unless reforms are passed to effectively eliminate this form of state aid, the International Energy Agency (IEA) said on Tuesday. "Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels," the energy watchdog to 28 industrialized countries said. "In a period of persistently high energy prices, subsidies represent a...Read Full Story

WTO official eyes trade rules on fossil fuel subsidies

| From afp.com
A senior World Trade Organisation official said Thursday that hard thought must be given to WTO-enforced restrictions on multibillion dollar subsidies for polluting fuels such as oil and coal. "Fossil fuel subsidy reform is undoubtedly one of the major tools in the hands of the international community to fight climate change," WTO Deputy Director General Harsha Vardhana Singh said at a conference hosted by the organisation on the issue. "Reflections on the link between trade and climate...Read Full Story

End Fossil Fuel Subsidies

By modernhippiemag on | From modernhippiemag.com
End Fossil Fuel Subsidies by Richard Matthews US President Barack Obama is calling on the world to end massive government subsidies that encourage the use of fossil fuels blamed for global warming. The G20 has been discussing plans to phase out inefficient fossil fuel subsidies for a while now. According to estimates the fossil fuel industry currently receives subsidies of between $300-$500 billion a year. Fossil fuels are not only destructive sources of pollution, subsidies make cleaner...Read Full Story

G20 tackles fuel subsidies again, with caveats: draft

| From reuters.com
WASHINGTON (Reuters) - The Group of 20 major economies will agree to "continue working" to phase out fossil fuel subsidies while allowing member nations to develop their own approaches for doing so, a draft G20 document shows. The draft version of the summit communique, obtained by Reuters before the G20 leaders meeting in Toronto this weekend, suggests a softening in language from the group's commitment last year to eliminate subsidies for fuels such as oil and gas. "We reviewed progress...Read Full Story

G20 urges phasing out of fossil fuel subsidies

| From reuters.com
TORONTO (Reuters) - Leaders of the world's biggest economies will pledge on Sunday to phase out subsidies for "inefficient" fossil fuels, in a statement toughened at the last minute at the urging of the United States, Group of 20 sources said. The G20 communique in Toronto calls for the "phase out over the medium term of inefficient fossil fuel subsidies that encourage wasteful consumption, taking into account vulnerable groups and their development needs," said the sources, who provided the...Read Full Story
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Navy switch to biofuel good for Ingham ethanol plant
A $425 MILLION ethanol and power plant to be built in Ingham could hit the jackpot and produce biofuel for the US Navy. The plant, to be built by North Queensland Bio-Energy by 2015, will produce up to 200,000 litres of ethanol a day. Regional Economies ...  
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Free Markets Save the Planet
A startling new report from the International Energy Agency (IEA) reveals a free-market way to thwart climate change: Create a free market in energy. Fatih Birol, chief economist at the IEA, estimates that 37 nations spent $409 billion on fossil fuel subsidies in 2010. (By comparison, renewables received $66 billion in that same year.) Impressively, if fossil fuel subsidies were eliminated, this would avoid 750 million tons of CO2 by 2015...  
From reason.com ()
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Government Subsidies of Fossil Fuels Outdo Renewable Subsidies 6 to 1
It’s no contest between gas and oil on one end and renewable energy sources on the other when it comes to government subsidies. According to a detailed report by the International Energy Agency, the world’s nations in 2010 spent $409 billion on ...  
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Open Thread for Night Owls: Ending fossil fuel subsidies would sharply cut...
Duncan Clark writes: According [International Energy Agency] research, 37 governments spent $409bn on artificially lowering the price of fossil fuels in 2010. Critics say the subsidies significantly boost oil and gas consumption and disadvantage renewable energy technologies, which received only $66bn of subsidies in the same year. [IEA chief economist Fatih Birol] said that a phase-out would avoid 750m tonnes of CO2 a year by 2015...  
From dailykos.com ()
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High-Level Global Panel: Phase-Out of Fossil Fuel Subsidies, Commit to Low...
and accelerate energy efficiency efforts.  When world leaders meet several times this year – culminating at the Earth Summit 2012 in Rio – they must finally follow through on the commitment to phase-down these subsidies and help unleash ...  
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