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The rich G-20 countries subsidize oil, gas and coal exploration with 88 Billion dollars.
The G-20 pledged to phase out grants or subsidies for fossil fuels in 2009 (HERE) betting on renewables and the environment, however, new research is breaking this "myth" when evaluating the tax exemptions practiced by rich countries, in particular the G-20, the governments indirectly disburse around $ 88 billion each year between supporting coal, oil and gas exploration, more than double what oil and gas companies are investing per year.
The new report issued by the British study center Overseas Development Institute (ODI) we could define it as "The hidden rescue of fossil fuels" given that, on the one hand, forceful actions are enacted to improve the climate and the environment (Let us remember that recently since the The EU agreed to reduce CO2 to 40%, increase renewables to 27% and a target of 27% for energy efficiency) and, on the other hand, we are allocating millions and millions of Euros to a cause that really does not suit anyone and that we can confirm with the article Six graphs that confirm the earth's climate change by the hand of man.
This report documents, for the first time, the scale and structure of the subsidies for fossil fuel exploration in G-20 countries. The evidence points to a publicly funded bailout for carbon-intensive companies, and support for unprofitable investments that could propel the planet well beyond the internationally agreed goal of limiting global temperature rise to no more than 2 °. C.
How much money does the G-20 subsidize fossil fuels?
From the US, UK or Australia they are giving tax breaks to explore the new reserves despite publicly declaring that to improve the climate it is necessary to bury the use of fossil fuels.
The more detailed breakdown of fossil fuel subsidies We find it in the US government which provided around $ 5.2bn for fossil fuel exploration in 2013, Australia spent $ 3.5bn, Russia $ 2.4bn and the UK $ 1.2bn. Most of the aid was in the form of tax breaks for deep-sea exploration.Public money mainly went to large multinationals, as well as smaller ones that specialize in exploratory work.
According to him ODI Director Kevin Watkins… “This is real money that could be used in schools or hospitals. You just don't want to invest this way. This is the insanity of an incoherent situation. Undermining prospects for an ambitious 2015 UN climate accord «
The authors of the report expressed surprise in acknowledging that four times more money is spent on fossil fuel exploration than renewable energy development.
To be able to investigate more, we present the following interactive map by countries where identify the characteristics of subsidies for oil, gas and coal. (Information in English)
The data in this report with reference to rich countries were already intuited compared to the one carried out by theInternational Energy Agency (IEA) where it was reported that worldwide subsidies for fossil fuels (coal, oil and gas) reached 224,000 million euros annually, while renewables take about 41,000 million, five times less.
If we focus on Spain, the reality is that there is an opacity on these issues and the IEA Report is paid, but if we can recognize how much Spain invests in renewables, and according to the following graph, we are not doing well at all:
