Shift fossil fuel subsidies to back clean tech: IEA
Fossil fuel subsidies worth $312 billion should be realigned to ensure the growth of renewable energy and curb the world's reliance on carbon-intensive fuels, the International Energy Agency said in a report.
Demand for fossil fuels is outstripping the deployment of cleaner technologies. Renewable energy has seen growth rates of 30 percent to 40 percent over recent years but coal has met 47 percent of global new electricity demand over the past decade, the IEA said in its "Clean Energy Progress Report" (PDF) today.
To change this, the IEA suggests realigning fossil fuel subsidies to support clean … Read more