New analysis shows fossil fuel subsidies in developed countries are, on average, five times greater than the amounts pledged to support developing countries in addressing climate change and its impacts.
The analysis (PDF) by Oil Change International claims the amount of fossil fuel subsidies provided in 2012 globally is likely to be at least USD$775 billion and could exceed $1 trillion.
Exact figures are difficult to ascertain as fossil fuel subsidies are often buried.
“To help ensure we can reduce or eliminate these subsidies successfully, we have to know how many of them there are,” says Oil Change International. “Governments need to stop hiding their handouts to oil, gas and coal and come clean.”
Earlier this week, International Energy Agency (IEA) Executive Director Maria van der Hoeven described the need to rapidly transition to a more secure, sustainable global energy system as being more pressing than ever and again called for an end to fossil fuel subsidies.
Ms. van der Hoeven’s plea came as it became increasingly apparent humanity was not taking the action required in order to avoid dangerous climate change – a future liberally peppered with disastrous weather events that may be far closer than previously believed.
The goal of limiting of global average temperature rise to 2C by the end of the century – which would still have negative implications – may already be out of reach, with a 4C – 6C rise now more likely.
According to an article published on the Huffington Post, renewable energy worldwide received six times less support last year than that spent on fossil fuel subsidies.
The Organization for Economic Cooperation and Development (OECD) estimates removing fossil fuel subsidies could reduce carbon emissions by more than 10 percent by 2050.
Chief economist at the International Energy Agency, Dr Fatih Birol, who recently spoke at the Southeast Asian launch of the IEA’s World Energy Outlook 2012, reportedly stated fossil fuel subsidies were the number one public enemy in the fight against climate change.
