War and prices stop the green, doubled incentives for coal plants

War and prices stop the green, doubled incentives for coal plants
War and prices stop the green, doubled incentives for coal plants
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While the road to renewables seems to be the only possible solution to tackle climate change and achieve independence from Russian gas, the world continues to support – and increasingly does – the production of fossil fuels.
This was revealed by the OECD which, together with the International Energy Agency, has analyzed the trend that “slows down progress towards international climate objectives”.
In particular, support for coal, oil and natural gas production in the world’s major economies almost doubled in 2021.
“Many countries – says the Organization for Economic Cooperation and Development – are struggling to balance long-standing commitments to phase out the use of fossil fuels with efforts to protect families from rising energy prices”.
Overall government support for fossil fuels in 51 states around the world nearly doubled to $ 697.2 billion in 2021 from $ 362.4 billion in 2020. In the G20 economies, analysis shows that support has risen to $ 190 billion in 2021, from $ 147 billion in 2020.
“Russia’s war of aggression against Ukraine – explains the OECD secretary general, Mathias Cormann – caused sharp increases in energy prices and undermined energy security. However, significant increases in fossil fuel subsidies do not necessarily reach low-income families ”.
What is needed, he says, is “to take measures that protect consumers from the extreme impacts of the changing market and geopolitical forces” in order to “keep us on the path of carbon neutrality and energy security”, ensuring “affordability”.
For the executive director of the Iea, Fatih Birol, “Subsidies to fossil fuels are an obstacle to a more sustainable future”, but at the moment it is evident “the difficulty that governments must face to remove them”, also due to “high and volatile fuel prices”. Increased investment in clean energy technologies and infrastructure, he says, “is the only lasting solution to today’s global energy crisis and the best way to reduce consumer exposure to high fuel costs.”

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