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Fossil-Fuel Subsidies Outstripping Climate Aid by Factor of Five

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Fossil-fuel subsidies paid by industrial nations are more than five times the climate aid provided to poorer nations that need funds to reduce emissions and adapt to global warming, a study showed. Industrialized countries paid $58.7 billion in 2011 in subsidies to the oil, coal and natural gas industries and to consumers of the fuels. That compares with climate-aid averaging $11.7 billion a year from 2010 to 2012, the Washington-based campaign group Oil Change International said today in a report released in Warsaw. Eliminating the subsidies would help countries cut the greenhouse-gas emissions blamed for global warming and provide funds to help poor nations cope with higher temperatures. Envoys at United Nations climate talks in the Polish capital intend to craft a new agreement by 2015. At the same time, richer countries are trying to meet a pledge to provide $100 billion a year in climate aid by 2020.
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