Gotta love those free market government handouts.
UK becomes only G7 country to increase fossil fuel subsidies
The UK is alone among G7 nations in dramatically increasing its fossil fuel subsidies, despite an earlier pledge to phase them out, a new report has found.
The revelation will embarrass ministers who want to take a leading role at a crunch UN climate change summit in Paris in December, but who have been sharply cutting support for green energy at home.
The report from the Overseas Development Institute (ODI) and Oil Change International found that as a whole, G20 nations are responsible for $452bn (£297bn) a year in subsidies for fossil fuel production. The G20, which meets on Sunday in Turkey, pledged in 2009 to phase out fossil fuel subsidies.
In the UK, production subsidies of £5.9bn have already benefited major fossil fuel companies operating in the country, most foreign-owned, while £3.7bn is used to subsidise fossil fuel production overseas in countries including Russia, Saudi Arabia and China, the new analysis found.
New tax breaks for North Sea oil and gas production announced by the chancellor, George Osborne, earlier in 2015 will cost taxpayers a further £1.7bn by 2020, according to government figures.
Shelagh Whitley, an author of the ODI report, said: “The UK has been cutting back support for solar power and energy efficiency, arguing that the burden was too high. Our figures reveal that in spite of supposed budget constraints the government is giving ever increasing handouts to oil and gas majors.”
http://linkis.com/www.theguardian.com/HeNlm
UK becomes only G7 country to increase fossil fuel subsidies
The UK is alone among G7 nations in dramatically increasing its fossil fuel subsidies, despite an earlier pledge to phase them out, a new report has found.
The revelation will embarrass ministers who want to take a leading role at a crunch UN climate change summit in Paris in December, but who have been sharply cutting support for green energy at home.
The report from the Overseas Development Institute (ODI) and Oil Change International found that as a whole, G20 nations are responsible for $452bn (£297bn) a year in subsidies for fossil fuel production. The G20, which meets on Sunday in Turkey, pledged in 2009 to phase out fossil fuel subsidies.
In the UK, production subsidies of £5.9bn have already benefited major fossil fuel companies operating in the country, most foreign-owned, while £3.7bn is used to subsidise fossil fuel production overseas in countries including Russia, Saudi Arabia and China, the new analysis found.
New tax breaks for North Sea oil and gas production announced by the chancellor, George Osborne, earlier in 2015 will cost taxpayers a further £1.7bn by 2020, according to government figures.
Shelagh Whitley, an author of the ODI report, said: “The UK has been cutting back support for solar power and energy efficiency, arguing that the burden was too high. Our figures reveal that in spite of supposed budget constraints the government is giving ever increasing handouts to oil and gas majors.”
http://linkis.com/www.theguardian.com/HeNlm
