CommonDreams – Global Fail: Govts Pour $500 Billion Into Fossil Fuel Subsidies – 8 November 2013

common-dreamsGovernments are ‘subsidizing the very activities that are pushing the world towards dangerous climate change,’ states new report

– Andrea Germanos, staff writer

While greenhouse gas emissions reach record levels, governments across the world are pouring hundreds of billions into fossil fuel subsidies, fostering “perverse incentives” to continue the race towards climate doom, a new report details.

Governments are “subsidizing the very activities that are pushing the world towards dangerous climate change,” charges a new report. (Photo: Cam Gray/cc/flickr) The report, Time to Change the Game, from the UK-based think tank Overseas Development Institute (ODI) explains how the subsidies—amounting to over $500 billion globally in 2011—are thwarting a switch to a low-carbon economy.

Read the whole story at: http://www.commondreams.org / link to original article

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