G20 fails as fossil fuel subsidies reach $523 billion

摘要

As another United Nations Climate Change Conference got under way in Qatar, Nov. 26-Dec. 8, the Global Renewable Fuels Alliance criticized G20 leaders for failing to hold up their commitment to phase out the costly fossil fuel subsidies that hurt developing economies and slow the development of alternative fuels. According to the International Energy Agency, fossil fuel subsidies reached more than half a trillion dollars this past year, with latest estimates showing subsidies reaching $523 billion in 2011, up from $412 billion in 2010.