UK paying "eye-watering" subsidies for fossil fuels

Renewable UK, the wind, wave and tidal energy trade association has published figures from the International Monetary Fund. The figures show that fossil fuels are receiving billions of pounds in subsidiaries each year from the UK Government. In turn, the support given by the Government to renewable energy has been reduced.

The figures in the survey “How Large Are Global Energy Subsidies” also looks at air pollution and the impact of fossil fuels on climate change. It found as follows:

1. Subsidies of more than £26 billion have been applied this year to fossil fuels – this is equivalent to over £400 per person.

2. The cost of supporting renewable energy technologies in 2014/15 is £3.5 billion.

Renewable UK’s Deputy Chief Executive M. Smith said: “The IMF is right to turn the spotlight on the billions of pounds in subsidies which the UK’s fossil fuel sector continues to enjoy at the expense of all of us.” “Although there’s been a great deal of scrutiny about the cost of renewable energy, the price that all British taxpayers are still being forced to pay to the oil, coal and gas industries, decades after they became well-established, is eye-watering.” “It’s time for the UK to wake up to the benefits of renewable energy, Moving away from subsidising coal, oil and gas and backing technologies like onshore and offshore wind will help keep bills down and protect consumers.” “But a first step is Government being honest about the true cost of all forms of energy and the value renewables bring”.