According to the International Energy Agency fossil fuels are supported by subsidies that amount to $550 billion a year and holding back investment from renewable energy sources. Oil, coal and gas received more than four times more the $120 billion paid out in incentives for renewables including wind, solar and biofuels.
The IEA calls for policy shift that is needed to limit global warming, which the IEA said is on track to increase the world’s temperature by 3.6 degrees Celsius by the end of this century. That level would increase the risks of damaging storms, droughts and rising sea levels.
“The huge subsidies fossil fuels enjoy worldwide gives incentives to their consumption, which means that I’m paying you to pollute the world and use energy inefficiently,” said Fatih Birol, chief economist at the IEA.
Wind energy has become a mainstream technology and is already cheaper than conventional energy sources in an increasing number of markets including Australia, Brazil, Mexico, New Zealand, South Africa and parts of China and the US..
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