Fossil fuel subsidies totalled at minimum $373bn worldwide in 2015. And if you think that’s bad news for global warming, the OECD points out in new research that cuts in such subsidies have slowed in more developed countries in the past few years, with the unlikely likes of Indonesia and India currently leading the way.
One leading culprit here is Australia. The International Energy Agency has just released a report which points out that the country has a higher proportion of fossil fuels in its energy mix than any other OECD nation.
“The CO2 intensity of Australia’s electricity generation remains the highest among all IEA member countries and almost twice as high as the IEA average,” the IEA added.