Wealthy nations are spending billions on fossil fuels subsidies while receiving funds to tackle climate change, according to a study.
The report, At cross-purposes: subsidies and climate compatible investment by the Overseas Development Institute (ODI), reveals that subsidies for dirty energy currently dwarf efforts to promote green measures and clean technologies.
The study considers 42 developed countries, where the $396 billion fossil fuel subsidies are “75 times higher than the average annual approved climate finance of $5 billion from 2010-2012”.
Author Shelagh Whitley said, “There is a real risk that the international community is throwing green money after brown by pursuing project based approaches to a problem that requires a far more catalytic effort.
“Fossil fuel subsidies are just the beginning of a long list of subsidies that governments provide which can be seen to skew the field against green investment.”
“$5 billion is not a small amount of money and it can make a real difference but we need to assess how it is spent”
The report also outlines how China, Egypt, India, Indonesia and Mexico make it onto the list of the top recipients of climate finance, but also the one for fossil fuel subsidies.
The International Monetary Fund recently called for dramatic cuts to energy subsidies, which it said do not provide long-term prosperity and instead, increase inequality. However, the chancellor George Osborne promised greater benefits to shale gas and oil extraction in his budget speech in March.
Whitley added, “We need to ask ourselves what it is that can persuade policymakers in London, Beijing and Delhi of the need for long-term solutions that overcome the short-term political temptations of subsidies.”
Like our Facebook Page
How Can Technology Help You To Lead A Sustainable Lifestyle?
4 Factors That Can Save The Environment Along With Going Paperless
How Peer to Peer Works On Eco-Friendly Trading Platforms
5 Questions Eco-Friendly Entrepreneurs Need To Ask Unhappy Employees
Is Trade Good or Bad for the Environment (Examples and Laws)
7 Best Investments to Make for an Eco-Friendly Business
4 Tips For Choosing An Eco-Friendly Home Backup Power Source
10 Things To Consider When Choosing A Home Solar Company
5 Sustainable Ways Of Disposing Building And Demolition Waste
Why 2022 Is Your Last Chance to Get a 26% Return on Your Solar Kit
Low Emission and Clean Air Zones: What You Need To Know
A Guide to Eco-Friendly Landscaping
12 Essential Things for Buying Your First Home
Zero Waste Living and Its Importance
Harnessing Sustainability with User-Centric Technology Innovation
How the U.S. Government is Promoting Green Energy in the Country
Tips for Optimal Waste Management in Your Home
Is It Possible to Work in Tech Without Harming the Planet?
Hypermiling: The 3 Ways To Drive Your Car For Maximum Fuel Efficiency
Making Your Dream of Having an Eco-Friendly Garden Come True
- Features11 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy12 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features11 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Features10 months ago
5 Compelling Reasons to Hire an Eco-Friendly Contractor