The world’s leading economies spend about $88 billion each year supporting companies exploring oil, gas, and coal, which is twice the amount energy companies invest themselves, according to a new report.
The spending is despite evidence that two thirds of existing reserves cannot be exploited “if the world is to avoid dangerous climate change,” says the report by the Overseas Development Institute (ODI) and Washington-based analysts Oil Change International.
Britain, Australia, Russia and the US have some of the highest national subsidies, says the report, pointing particularly to last year when Washington provided $5.1 billion for fossil fuel exploration, which is almost twice as much as in 2009.
“Levels of support range from $2 billion to $5 billion in Russia, Mexico and India, to $9 billion in China, $11 billion in Brazil, and $17 billion in Saudi Arabia,” the report said.
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