IEA: To promote efficiency, cut fossil fuel subsidies

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.