Global fossil fuel consumption subsidies rose in 2010 despite a pledge by G-20 nations to take steps to reduce them in coming years, according to a new analysis.
The International Energy Agency estimated that subsidies that artificially lower fuel prices reached $409 billion in 2010, an increase of almost $110 billion above 2009 levels.
The changes “closely tracked the sharp rise in international fuel prices,” according to the IEA.
The IEA’s top economist told reporters in Paris that subsidies could reach $660 billion in 2020 absent better reforms, according to Reuters.
The Paris-based IEA and the OECD released a joint analysis that follows the G-20’s 2009 pledge to phase-out subsidies that encourage waste, hinder energy security, and impede development of renewables and climate change initiatives.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment