Call to stop fossil fuel subsidy

A global energy think tank has urged nations to stop subsidising fossil fuels as soon as possible.

It says that last year governments, mainly in the developing world, spent $312bn subsidising coal oil, gas and coal.

This was even though they agree these fuels cause climate change.

The International Energy Agency says removing the subsidies would be the quickest way to control the soaring demand for energy.

It would also cut CO2 emissions by 5.8%

But the IEA report admits that vested interests and political inertia will be major barriers to making progress on the issue.

Cutting out fossil fuel subsidies by 2020 would allow fuel prices to rise and reduce overall energy consumption 5% – this equates to all the fossil fuel used by Japan, South Korea and New Zealand.

The move would cut greenhouse gas emissions by an estimate 5.8% – two gigatonnes – by 2020. It would also free up government cash to use on other measures.

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