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IEA warns on world fossil fuel subsidies

Global subsidies for fossil fuel consumption are set to reach $660 billion in 2020 unless reforms are passed to effectively eliminate this form of state aid, the International Energy Agency (IEA) said on Tuesday.

business Updated: Oct 04, 2011 21:45 IST

Reuters
Hindustantimes
         

Global subsidies for fossil fuel consumption are set to reach $660 billion in 2020 unless reforms are passed to effectively eliminate this form of state aid, the International Energy Agency (IEA) said on Tuesday.

"Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels," the energy watchdog said.

"In a period of persistently high energy prices, subsidies represent a significant economic liability," it said.