The world’s governments subsidize the fossil fuel sector far more than they do renewables and biofue

[Fumesucker]

http://www.gizmag.com/government-subsidies-fossil-fuels-renewables-biofuels/15907/?utm_source=Gizmag+Subscribers&utm_campaign=f38d46685a-UA-2235360-4&utm_medium=email



How can you tell when a politician is lying? First check to see if his/her lips are moving. New research has revealed that despite what they would have you believe, the world’s governments subsidize the fossil fuel sector far more than they do renewables and biofuels. Indeed, the assistance delivered to the oil, coal, and other fossil fuel sectors makes a mockery of claims that government is serious about reducing carbon emissions. Hey folks, that’s YOUR MONEY!

New Energy Finance Limited was acquired by Bloomberg in December 2009, and its services and products are now distributed by Bloomberg Finance as Bloomberg New Energy Finance (BNEF).

BNEF provides news, data, research and analysis to decision-makers in renewable energy, energy smart technologies, carbon markets, carbon capture and storage, and nuclear power. Bloomberg New Energy Finance Insight Services provide deep market analysis to investors in wind, solar, bioenergy, geothermal, carbon capture and storage, energy efficiency, and nuclear power.

The following BNEF press release was issued July 30, 2010.

New research from Bloomberg New Energy Finance reveals that despite many platitudes and pledges, governments of the world are spending substantially more on subsidizing dirty forms of energy than on renewables and biofuels. In fact, support for cleaner sources is dwarfed by the help the oil, coal, and other fossil fuel sectors receive.

In all, governments of the world provided approximately $43-46bn to renewable energy and biofuels technologies, projects, and companies in 2009, BNEF concludes in preliminary analysis. This total includes the cost of feed-in-tariffs (FiTs), renewable energy credits or certificates (RECs), tax credits, cash grants, and other direct subsidies. (It does not include more upstream support, such as subsidies to corn farmers to grow feedstock for use in US ethanol plants, nor does not include any value transfer due to carbon cap-and-trade schemes.)

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More at the link..

[ThomWV]

1. The missing part of the argument - how many and which countries subsidize at all?

[Fumesucker]

2. Which major world government appears to be entirely captured by the petrochemical industry?

I think that's a fair question to ask.

[ThomWV]

3. Yeah, that's another way to say it.

It seems absolutely absurd to me that we pay billions in subsidies to Exxon as quarter after quarter they turn in world record profits. Would they show any profit at all were it not for subsidies? Would the taxpayers rise up in revolt if they knew that their taxes were propping up companies that were already fabulously profitable?