Report: Governments spending more on subsidizing fossil fuels

New research from Bloomberg New Energy Finance (BNEF) revealed that despite many platitudes and pledges, governments of the world are spending substantially more on subsidizing dirty forms of energy than on renewables and biofuels. In all, governments of the world provided approximately US$43-46 billion to renewable energy and biofuels technologies, projects, and companies in 2009, BNEF concludes. This figure stands in stark contrast to the US$557 billion spent on subsidizing fossil fuels in 2008, as estimated by the International Energy Agency (IEA). (August 10, 2010)