UK received '£6bn in fossil fuel subsidies'

UK received '£6bn in fossil fuel subsidies'

by Big Mac

 

 

Gas and oil industry symbols

The UK received nearly £6 billion in fossil fuel subsidies between 2013 and 2014.
That’s according to a new report by research organisation Oil Change International.
It claims the subsidies are a result of the UK continuing to encourage offshore oil and gas in the North Sea.
That’s “despite recent pledges by the UK Government in support of the Friends of Fossil Fuel Subsidy Reform”, the report states.
It went on: “The UK is also one of the few G20 countries increasing its fossil fuel subsidies while cutting back on support for the renewable energy investments which are needed to support a low carbon transition.”
The US provided more than $20 billion (£13m) in national fossil fuel production subsidies each year, despite calls from President Barack Obama to eliminate industry tax breaks, it claims.
In total G20 country governments are providing $452 billion (£297m) a year in subsidies for the production of fossil fuels.