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IEA presages ascendancy of fossil fuels at the expense of renewable energy [Registered]

While the major news out of the International Energy Agency’s annual World Energy Outlook press briefing on 12th November was the projection that US will overtake Saudi Arabia in oil output in less than a decade, the report also highlighted considerable subsidies given to fossil fuels. Fossil fuels attracted government subsidies of around $523 billion in in 2011, up by 30% from 2010. That compares to $88 billion for renewable energy. The heaviest subsidies typically take place in parts of the Middle East and Africa, the study said. It is apparent therefore that, fossil fuels will remain dominant in the…

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