Fossil fuel subsidies nearly doubled globally in 2021 to $697.2 billion, according to the International Energy Agency and Organization for Economic Co-operation and Development.

These fossil fuel investments by major world economies are a roadblock to a more sustainable energy future, according to a statement from IEA Executive Director Fatih Birol.

"Fossil fuel subsidies are a roadblock to a more sustainable future, but the difficulty that governments face in removing them is underscored at times of high and volatile fuel prices," Birol said. "A surge in investment in clean energy technologies and infrastructure is the only lasting solution to today's global energy crisis and the best way to reduce the exposure of consumers to high fuel costs."

OECD Secretary-General Mathia Cormann blamed Russia's war on Ukraine for destabilizing energy security by causing prices to spike while reducing or cutting off energy supplies to Europe.

"We need to adopt measures which protect consumers from the extreme impacts of shifting market and geopolitical forces in a way that helps keep us on track to carbon neutrality as well as energy security and affordability," Cormann said in a statement.

The research from IEA and OECD shows budget transfers and tax breaks supporting fossil fuel energy "reached levels not previously seen," rising to $190 billion in 2021.

According to OECD, G20 nation fossil direct fuel producer support hit $64 billion in 2021. Consumer support for fossil fuels reached $115 billion in 2021.

Both the IEA and OECD continue to call for the "phasing out of inefficient fossil fuel support and re-direction of public funding toward the development of low-carbon alternatives alongside improvements in energy security and energy efficiency," according to their statement.

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

UN raises alarm on Red Sea oil tanker 'time-bomb'
Geneva (AFP) Aug 30, 2022
The UN appealed Tuesday for the last $14 million needed to try and prevent a stricken oil tanker from triggering a disaster off Yemen that could cost $20 billion to clean up. The decaying 45-year-old FSO Safer, long used as a floating storage platform and now abandoned off the rebel-held Yemeni port of Hodeida, has not been serviced since Yemen was plunged into civil war more than seven years ago. If it breaks up, it could unleash a potentially catastrophic spill in the Red Sea. David Gress ... read more