Ways to Mitigate Climate Change: Phasing out fossil fuel subsidies will speed investment and growth of renewable energy industries

"Bliss Baker, spokesperson for the Global Renewable Fuels Alliance, said G20 countries have made little real progress in eliminating those types of subsidies since 2009. “As we strive to develop alternatives to oil we must recognize that alternative fuels are not competing on a level playing field,” he said in a statement. “These massive multi-billion dollar crude oil subsidies completely outweigh current biofuel incentives and are a serious obstacle to the development of cleaner, greener alternatives. Oil has a huge competitive advantage financed by global taxpayers. It is time for the G20 to show leadership and reverse this practice of never-ending subsidies to Big Oil. They must put their money where their mouth is and invest in renewable alternatives.”"

Note: The International Energy Agency and the Organization for Economic Cooperation and Development again came out in favor of eliminating fossil fuel subsidies worldwide on Oct. 4 with the release of the first Inventory of Estimated Budgetary Support and Tax Expenditures for Fossil Fuels. Phasing out fossil fuel subsidies will speed investment and growth of renewable energy industries, but policymakers often do not have clear information on the policies currently enacted, according to the groups. With this in mind, the inventory was created to assist governments’ understanding of fossil fuel policies. The inventory currently covers 24 countries and 250 mechanisms and will be expanded in the future to include more.

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