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08/02/2010 06:02 PM ID: 84932 Permalink   

Renewable Energy Subsidies: $43-46 Billion, Fossil Fuel Subsidies: $557 Billion

 

According to analysis by Bloomberg New Energy Finance the dollar value of subsidies given the renewable energy is less than 10 percent of those given to fossil fuel.

According to the International Energy Agency the fossil fuel industry gets subsidies of around $557 billion a year. The renewable energy industry gets $43-46 billion including $18.2 billion from the US and $19.5 billion from Europe.

"One of the reasons the clean energy sector is starved of funding is because mainstream investors worry that renewable energy only works with direct government support," said New Energy Finance CEO Michael Liebreich.

 
  Source: www.bloomberg.com  
    WebReporter: ixuzus Show Calling Card      
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  2 Comments
  
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I´m no fossil fuel proponent but there´s several things wrong with this report.

Firstly it doesn´t mention whether nuclear energy is included as it is neither fossil nor renewable (and before anyone says anything nuclear energy is not "the answer" unless you agree to bury the nuclear waste in your front gardens).

Secondly this looks at actual dollar amounts, what would be informative would be a comparison between the two groups of what percentage of the cost comes from subsidies.

The world still uses a lot more fossil fuels than renewable energy sources so a 5% subsidy on fossil fuels is likely to be a much bigger dollar amount than a 20% subsidy on renewable energy sources.
 
  by: jamesmc   08/02/2010 06:34 PM     
  @jamesmc  
 
Deal.

Build a molten salt reactor using a thorium fuel cycle and I´ll bury all of the waste in my yard.

You should look into newer generation 4 reactor technologies before decrying nuclear power as bad. Current reactors are mostly generation 2, a few are generation 3. Waste is a problem with these types of reactor, but it won´t be in the future. If we were to spend more money on renewable (including nuclear) subsidies, this tech would be available to us sooner.
 
  by: jbloodthorn   08/02/2010 08:46 PM     
 
 
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