Fossil Fuel Subsidies Six Times More Than Renewable Energy
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Fossil-fuel consumers worldwide received about six times more government subsidies than were given to the renewable-energy industry, according to the chief adviser to oil-importing nations.
State spending to cut retail prices of gasoline, coal and natural gas rose 36 percent to $409 billion as global energy costs increased, the Paris-based International Energy Agency said today in its World Energy Outlook. Aid for biofuels, wind power and solar energy, rose 10 percent to $66 billion.