"Energy Leaders Blame Oil and Gas Subsidies for Weak Prospects"

"LISBON — Senior financiers and the leaders of powerful energy companies on Thursday blamed subsidies to oil and natural gas  companies for damaging the ability of the clean-energy industry to recover from the economic slowdown and take advantage of growing power markets worldwide.

“No politician can stop subsidies to fossil fuels overnight, but I think governments could be leveling the playing field a great deal faster,” said John Browne, a managing director at Riverstone, a private equity firm where he co-heads a large fund dedicated to renewable energy. Mr. Browne is also a former chief executive of the British oil and natural gas company BP.

The renewable energy sector was one of the casualties of the financial crisis in Europe and the United States as lending dried up and governments cut support measures as part of austerity programs to shore up their budgets. "

James Kanter reports for the New York Times September 30, 2010.

Source: NYTimes, 10/01/2010