The International Energy Agency (IEA) has called for governments to stop subsidising the price of fossil fuels.
It said in it's report that some $312bn are being spent this way, most of it from developing nations. This doesn't even include the subsidies to the oil companies themselves (estimated at another $100bn).
If we did away with them, the IEA say, the rise in fuel prices would result in global emissions cuts of around 5.8%. The subsidies undermine the competitiveness of renewables, hold back more fuel efficient technologies, and speed up the depletion of scarce resources.
Some of the developing countries involved claim that it makes energy more affordable but, the report says, very few schemes actually benefit the poor. In fact, the subsidies have "traditionally been granted to politically-connected industries with close links to politicians".
Time to stop this practise and use the money elsewhere. Renewables for instance.
More here.
No comments:
Post a Comment