Fossil-Fuel Subsidies Outstrip Climate Aid Fivefold
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Fossil-fuel subsidies paid by industrial nations are more than five times the climate aid provided to poorer nations that need funds to reduce emissions and adapt to global warming, a study showed.
Industrialized countries paid $58.7 billion in 2011 in subsidies to the oil, coal and natural gas industries and to consumers of the fuels. That compares with climate-aid averaging $11.7 billion a year from 2010 to 2012, the Washington-based campaign group Oil Change International said today in a report released in Warsaw.