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Fossil Fuel Subsidies Dwarf Support for Renewables http://apocadocs.com/s.pl?1280589295
A new report from Bloomberg New Energy Finance says altogether governments spent between $43 and $46 billion on renewable energy and biofuels last year, not including indirect support, such as subsidies to corn farmers that help ethanol production. Direct subsidies of fossil fuels came to $557 billion, the report says.
This disparity raises the question--if the report is right and fossil fuels require so much backing, can they compete with renewables without government support? After all, some renewables--such as sugarcane based biofuels and some wind farms--can already compete with fossil fuels. Without the huge government subsidies for fossil fuels, wouldn't they be eclipsed by renewables?
The answer, for now, is no. So far renewables just can't provide enough fuel and power to displace fossil fuels.
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'Doc Jim says:
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Quit subsidizing the most profitable industry on earth? But who knows what chaos might ensue?
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