Oil Subsidies Could top $500 BILLION
by Jacqui Fatka (Feedstuffs) A study on energy subsidies commissioned by G20 nations found that the world could be spending $500 billion annually to subsidize fossil fuels – the majority from subsidized end-user prices. The report, “Analysis of the Scope of Energy Subsidies and Implementation of their Phasing Out,” was written by researchers from the World Bank, International Energy Association, Organization for Economic Co-operation and Development and Organization of Petroleum Exporting Countries.
To put the estimates in perspective, estimated agriculture subsidies in OECD countries are over $300 billion per year and new support to be mobilized jointly by developed countries for climate change actions would amount to $100 billion per year by 2020 of which $30 billion for immediate action till 2012 has been agreed in the Copenhagen Accord reached in December 2009. READ MORE
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