The International Energy Agency on Monday published an analysis that found subsidies for fossil fuels are higher than previously thought. Cutting subsidies would encourage energy efficiency and low-carbon fuels, it said.

The amount of money paid to subsidize fossil fuels around the world was $557 billion in 2008, which is up from $342 billion in the previous year.

As the number one argument against renewable energy at the moment seems to be that it would not be competitive without subsidies, I found this quite shocking.