According to the International Energy Agency (IEA) global subsidies for fossil fuel production were almost six times that of renewable energy subsidies 2009.
In its annual World Energy Outlook report [pdf], released today, the IEA says the fossil fuel industry received US$312 billion compared to US$57 billion for renewables. The majority of the subsidized funding for fossil fuels came from developing countries. The World Energy Outlook-2010 sees oil as the leading fuel in the energy mix until 2035.
Nevertheless, the agency sees renewable energy resources continuing to gain a larger share of the energy pie. It estimates the primary use of energy sources such as sustainable hydropower, modern biomass, wind, solar, , marine, and geothermal geothermal energy tripling by 2035. According to the World Energy Outlook-2010, renewable energy sources will see their contribution to the global energy supply grow from 7% to 14%.
The IEA's chief economist Fatih Birol said that renewable energy subsidies are expected to increase to US$110 billion in 2015 and US$205 billion in 2035. In its report the Agency urged the subsidies for fossil fuels to be slashed in order to allow for a faster transition to renewable energy and to meet the emissions targest climate scientists deem are necessary to prevent catastrophic climate change from occurring.
The IEA's Executive Director, Nabuo Tanaka said, "[The] WEO-2010 demonstrates that it is what governments do, and how that action affects technology, the price of energy services and end-user behaviour, that will shape the future of energy in the longer term. “We need to use energy more efficiently and we need to wean ourselves off fossil fuels by adopting technologies that leave a much smaller carbon footprint.”
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