Energy subsidies part of international fuel industry
Contact: Joshua Morby - 414.344.1733
MILWAUKEE – With the level of scrutiny the biofuel industry receives regarding energy subsidies, the funding allocated in support of the fossil-fuel industry is substantially greater.
“It’s important to talk about fuel subsidies, but it’s equally as important to recognize that the international fossil-fuel industry is heavily subsidized,” says Josh Morby, executive director of the Wisconsin Bio Industry Alliance. “To believe that the biofuel industry receives support at the level that big oil does is grossly inaccurate.”
Late last week, the International Energy Agency reported that global fossil-fuel subsidies have grown to nearly a half-trillion dollars in 2010, an increase of $110 billion over 2009. The report also estimated that these subsidies could expand to $660 billion or 0.7% of global GDP by 2020.
This increase in funding has occurred despite a 2009 commitment by the G20 countries to eliminate both consumption and production subsidies for the international fossil-fuel industry.
“We know that the way to decrease dependence on fossil fuels and big oil is to devote resources to the pursuit of renewable, biofuel alternatives,” Morby says. “But we also that the level of support for fossil fuels far exceeds that allocated to biofuels, both in the United States and internationally.”
The Wisconsin Bio Industry Alliance is a diverse group of businesses, environmental groups and statewide and local organizations that have come together to build both public and legislative awareness of the Bio Industry in Wisconsin.