Investment In Fossil Fuels Remains High Globally | Chemical & Engineering News
Volume 93 Issue 38 | p. 31 | Concentrates
Issue Date: September 28, 2015

Investment In Fossil Fuels Remains High Globally

Department: Government & Policy

The world’s richest countries plus six key emerging economies including China and Brazil together are providing between $160 billion and $200 billion per year to support fossil-fuel production and use,according to an international report. “This support is hampering global efforts to curb emissions and combat climate change,” says the report from the Organisation for Economic Co-operation & Development (OCED), which consists of the world’s 34 most well-off countries. The report examines direct government spending and tax breaks in OECD countries as well as Brazil, China, India, Indonesia, Russia, and South Africa. These government actions reduce prices for consumers and lower exploration costs for oil and gas companies. In the U.S., for example, these supports back fossil-energy research and development as well as low-income home energy assistance. OECD Secretary-General Angel Gurría says that these governments are spending almost twice as much money supporting fossil fuels as the amount needed to meet an international policy goal of governments providing $100,000 per year in climate-change-related aid to developing countries by 2020.

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