"OECD: Leading Countries Spend $200Bn a Year Subsidising Fossil Fuels"

"Rich western countries and the world’s leading developing nations are spending up to $200bn (£130bn) a year subsidising fossil fuels, according to a report from the Organisation for Economic Cooperation and Development.

The Paris-based thinktank said its 34 members plus six of the biggest emerging economies – China, India, Brazil, Indonesia, Russia and South Africa – were spending money supporting the consumption and production of coal, oil and gas that should be used to tackle climate change.

'The time is ripe for countries to demonstrate they are serious about combating climate change, and reforming harmful fossil fuel support is a good place to start,' said the OECD secretary general, Angel Gurría.

He added that governments were spending almost twice as much money subsidising fossil fuels as was needed to meet the climate-finance objectives set by the international community at climate change summits, which have set a target of mobilising $100bn a year by 2020."

Larry Elliott reports for the Guardian September 21, 2015.

SEE ALSO:

"The 800 Ways Taxpayer Money Supports Fossil Fuel Industries" (Bloomberg)

"Taxpayers Lose Billions To Coal Subsidies" (Grist)

"US and Australian Taxpayers Pay Billions a Year To Fund Coal – Report" (Guardian)