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Global subsidies for fossil fuels dwarf support given to renewable energy sources such as wind and solar power and biofuels, Bloomberg New Energy Finance said.

Governments last year gave $43 billion to $46 billion of support to renewable energy through tax credits, guaranteed electricity prices known as feed-in tariffs and alternative energy credits, the London-based research group said today in a statement. That compares with the $557 billion that the International Energy Agency last month said was spent to subsidize fossil fuels in 2008.

subsidies fossil fuels renewables wind solar power

Before an audience at Carnegie Mellon University  in Pittsburgh, Pennsylvania, President Barack Obama today (2 June 2010) strongly and persuasively spoke about our dangerous dependence on fossil fuels, the benefits of shifting to clean energy, and his commitment to finding the votes necessary to pass a comprehensive energy and climate bill that lays "the foundation for a better future."

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The World Bank is spending billions of pounds subsidising new coal-fired power stations in developing countries despite claiming that burning fossil fuels exposes the poor to catastrophic climate change. The bank, which has a goal of reducing poverty and is funded by Britain and other developed countries, calls on all nations in a report today to “act differently on climate change”.

It says that the world must reduce its dependence on fossil fuels, but it is funding several giant coal-burning plants that will each emit millions of tonnes of carbon dioxide a year for the next 40 to 50 years.

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Green energy overtook fossil fuels in attracting investment for power generation for the first time last year, according to figures released today by the United Nations.

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