04 Oct '11, 4pm

Fossil fuel subsidies will hit $660 billion by 2020

Fossil fuel subsidies will hit $660 billion by 2020

Photo credit: skampy via Flickr/CC BY Fossil Fuel Subsidies Ballooned by $110 Billion Last Year It could take all afternoon to list the myriad reasons that more fossil fuel subsidies are the last thing we need right now. So suffice to say that so as long as they remain in place, they'll continue to give dirty energy sources like coal and oil an even more massive advantage over renewables -- and they'll keep emptying taxpayer pockets to aid the most profitable companies in history. But more fossil fuel subsidies is what we're going to get, unless major reforms are undertaken. A recent International Energy Agency report reveals that worldwide fossil fuel subsidies grew $110 billion last year, up to $409 billion. And that number will hit $660 billion by 2020 if the status quo continues as projected. Here's the Hill : Global fossil fuel consumption subsidies rose in 2010 despi...

Full article: http://www.treehugger.com/files/2011/10/fossil-fuel-subsi...

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