We could define the new report issued by the British study center Overseas Development Institute (ODI) as "The hidden rescue of fossil fuels" since, on the one hand, strong actions are enacted to improve the climate and the environment (Recall that recently since the EU agreed to reduce CO2 to 40%, increase renewables to 27% and a target of 27% energy efficiency) and, on the other hand, we are allocating millions and millions of Euros to a cause that really does not suit anyone and that we can confirm with the article Six graphs that confirm the earth's climate change by the hand of man.
This report documents, for the first time, the scale and structure of subsidies for fossil fuel exploration in the G-20 countries. The evidence points to a publicly funded bailout for carbon-intensive companies, and support for unprofitable investments that could propel the planet well beyond the internationally agreed goal of limiting global temperature rise to no more than 2 °. C.
How much money does the G-20 subsidize fossil fuels?
From the US, UK or Australia they are giving tax breaks to explore the new reserves despite publicly declaring that to improve the climate it is necessary to bury the use of fossil fuels.
The most detailed breakdown of fossil fuel subsidies is found in the United States government which provided around $ 5.2bn for fossil fuel exploration in 2013, Australia spent $ 3.5bn, Russia $ 2.4bn and the UK $ 1.2 trillions. Most of the aid was in the form of tax breaks for deep-sea exploration. Public money mainly went to large multinationals, as well as smaller ones that specialize in exploratory work.
According to ODI Director Kevin Watkins ... "This is real money that could be used in schools or hospitals. It's just not interesting to invest in this way. This is the insanity of an incoherent situation. Undermining the prospects for an ambitious climate agreement of the UN in 2015 "
The report's authors expressed surprise at acknowledging that four times more money is spent on fossil fuel exploration than on renewable energy development.
In order to investigate further, we present the following interactive map by countries where the characteristics of the subsidies for oil, gas and coal are identified. (Information in English)
Editor's Note: The following is an in "iframe" that corresponds to an interactive map: (You can also get it from http://www.odi.org/g20-fossil-fuel-subsidies)
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The data in this report with reference to rich countries was already intuited from the one carried out by the International Energy Agency (IEA) where it was denounced that worldwide subsidies towards fossil fuels (coal, oil and gas) reached annually the 224,000 million euros, while renewables take about 41,000 million, five times less.
If we focus on Spain, the reality is that there is an opacity on these issues and the IEA Report is paid, but if we can recognize how much Spain invests in renewables, and according to the following graph, we are not doing well at all:
To access the Overseas Development Institute (ODI) report from HERE.