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Haydn W

Fossil fuel subsidies 'killing UK's low-carbon future' | Environment | The Guardian - 0 views

www.theguardian.com/...il-fuel-subsidies-green-energy

The Guardian Fossil Fuels G20 UK Subsidy Environment

shared by Haydn W on 07 Nov 13 - No Cached
  • Fossil fuel subsidies 'killing UK's low-carbon future'
  • despite commitments to cut carbon emissions and reduce "perverse" fossil fuel subsidies.
  • Britain is "shooting itself in the foot" by subsidising its coal, oil and gas industries by $4.2bn (£2.6bn) a year even as government reviews the "green levies" on energy bills which support energy efficiency and renewable power, according to a report published on Thursday.
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  • The figures from the Overseas Development Institute suggest that Britain is now the world's fifth largest subsidiser of fossil fuels
  • For every $1 spent to support renewable energy, another $6 were spent on fossil fuel subsidies
  • In 2011, the latest year for which data is available, Britain gave tax breaks of £280m to oil and gas producers and reduced VAT on fossil fuels by several billion pounds
  • Rich countries have committed to phase out "inefficient" fossil fuel subsidies but the ODI figures, drawn from the International energy agency, OECD and other sources, suggest global subsidies to fossil fuel producers totalled $523bn a year in 2011 – dwarfing subsidies to renewable energies.
  • £2.6bn yearly incentive favours investment in carbon at the expense of green energy, says thinktank
  • In effect, each of the 11.6bn tonnes of carbon emitted from the top 11 developed countries comes with an average subsidy of $7 a tonne – around $112 for every adult
  • The figures have been released as ministers prepare to go to Poland for the deadlocked UN climate talks and as uncertainty surrounds the future of government-mandated levies on energy bills that support fuel poverty schemes and renewable energy.
  • G20 governments accepted in 2009 that fossil fuel subsidies encourage wasteful consumption, reduce energy security, and undermine efforts to deal with the threat of climate change.
  • The report said: "Investors are being sent the wrong signals on two fronts as carbon prices decline and fossil fuel subsidies increase."
  • The report argues that fossil fuel subsidies also fail in one of their core stated objectives, which is to to benefit the poorest.
  • Haydn W on 07 Nov 13
     
    This article describes how the UK government is heavily subsidising fossil fuel producers instead of prioritising and investing money in renewable sources of energy. Although it is essential to keep crude oil and fossil fuel prices low, as they are essential to many businesses, consumers and indeed the country itself, the G20, of which the UK is part of, has made a commitment to phasing out fossil fuels in favour of greener and more sustainable energy sources. 
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