Friday, 12 November 2010

Call to stop fossil fuel subsidy

The International Energy Agency (IEA) has urged nations to stop subsidising fossil fuels and claims that in 2009 governments (mainly in the developing world), spent $312bn subsidising coal oil, gas and coal even though they agree these fuels cause climate change.

The IEA has argued that removing the subsidies would be the most expedient way to control the soaring demand for energy whilst cutting carbon emissions by nearly 6%.

According to the IEA, vested interests and political inertia are the main stumbling blocks to making progress on the issue.

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