23 Jan '12, 5pm

"It's time to end" oil subsidies. YES! Here's why: #ecoSOTU #SOTU

"It's time to end" oil subsidies. YES! Here's why: #ecoSOTU #SOTU

The International Energy Agency has again weighed in on how to combat climate change through better energy policy. IEA chief economist Fatih Birol has told The Guardian that if the $409 billion spent globally by just 37 nations on reducing the price of fossil fuels was phased out it would cut enough carbon emissions to get us halfway to the amount needed to avoid the worst of climate change and keep global average temperature rise below 2°C. Phasing out these fossil fuel subsidies it would save 750 million tonnes of CO2 every year by 2015, up to 2.6 gigatonnes by 2035, Birol said. By way of contrast, renewable energy receives just about $66 billion in government support, globally. Subsidies Not Going To Those That Need It Most As for the concern that in many developing nations keeping energy prices artificially low is needed to help raise people out of poverty, Birol noted...

Full article: http://www.treehugger.com/energy-policy/ending-fossil-fue...

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