The impact of fossil-fuel subsidies on renewable electricity generation
The $548 billion USD that is paid annually in fossil fuel subsidies around the world is preventing a crucial transition to renewable energy sources. This is according to a new report released from the International Institute for Sustainable Development (IISD). The Impact of Fossil-Fuel Subsidies on Renewable Electricity Generation finds that fossil fuel subsidies make fossil fuel power generation appear cheaper than it really is, adversely impacting the competitive position of renewable energy sources. The report also finds that fossil fuel subsidies provide benefits to fossil-fueled incumbents that are preventing new renewable energy entrants access to the market.