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Fossil Fuel Subsidies worth $312 Billion Should be Scrapped – IEA

April 11th, 2011 | No Comments | Posted in Biofuel, Energy

Policy makers and government officials have been lending a descent enough support for promoting clean technology at global level, by feeding the industry with incentives, subsidies, and tax credits. Renewable energy policies and mandates are getting reworked on regular basis. However, the conventional fossil fuels are silently being tamed in the back yard with many governments giving consistent subsidies for production.  This scenario might change in near term with the International Energy Agency touting some good aggressive moves.

Fossil fuels currently attract $312 billion in consumption subsidies, versus $57 billion for renewable energy. A strong reason why renewable energy is not picking up is thus understandable. The International Energy Agency has raised voice against cutting down those subsidies and using them to support clean technology. The need of the hour is more aggressive clean energy policies, especially the removal of fossil fuel subsidies and implementation of transparent, predictable and adaptive incentives for cleaner, more efficient energy options.

Agreed..!  Renewables are gaining momentum, but demand for fossil fuels is growing even faster. Despite the promising growth seen in the world of renewable energy, demand for traditional fossil-based energy has outpaced demand for clean energy. For the past decade, coal has been the fastest-growing global energy source, meeting 47 percent of electricity demand. There are many governments that still give whopping subsidies to locally sourced coals.

Cutting down subsidies for fossil fuels would not only help in shifting focus towards renewable, but with so much money left in the bank as a result of cutting down subsidies, the governments can do good by using them in further subsidising the renewable energy.

It is obvious that such huge numbers ($312 billion) can’t be reworked overnight. However, it could be done in a more systematic basis over a period of time. If such a turnaround happens, it would be a booster for the algae biofuel industry just like any other renewable energy industry.


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