International Groups Urge Ending Fossil Fuel Subsidies

by Cindy Zimmerman (DomesticFuel.com) Two international organizations are recommending reform of fossil-fuel subsidies to improve the economy and the environment.

An analysis by the International Energy Agency(IED) and the Organisation for Economic Co-operation and Development (OECD) found that governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels and that removing such subsidies would raise national revenues and reduce greenhouse-gas emissions.

...“As we strive to develop alternatives to oil we must recognize that alternative fuels are not competing on a level playing field,” said Bliss Baker, spokesperson for the Global Renewable Fuels Alliance. “These massive multi-billion dollar crude oil subsidies completely outweigh current biofuel incentives and are a serious obstacle to the development of cleaner greener alternatives. Oil has a huge competitive advantage financed by global taxpayers.”

Baker notes that the G20 will meet in France next month and the issue of oil subsidies is on the agenda. READ MORE