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Governments not spending enough on renewables

2010-08-05 16:51:44

The amount of money spent globally on subsidies for the fossil fuel industry hugely exceeds the money spent on developing renewable alternatives.

The revelation came in the form of a Bloomberg New Energy Finance Report, which discovered that governments invested between $43 billion and $46 billion in renewables last year, in the form of tax credits and other incentives. However, the International Energy Agency spent some $557 billion subsidising fossil fuels the year before.

The chief executive of New Energy Finance, Michael Liebreich explained, "One of the reasons the clean energy sector is starved of funding is because mainstream investors worry that renewable energy only works with direct government support." In other words, private investment would be a lot easier to come by if governments would show more confidence and financial commitment to the development of renewables.

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