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The report, Energy and Transport Subsidies in Australia, reveals that as much as $10 billion in government subsidies were given to polluting coal, oil and gas companies in 2005-2006. This represents 96% of all financial support given last year by taxpayers in the energy and transport sectors. Only 4% went to create new economic and job opportunities in the renewable energy sector. The report was produced by the Institute for Sustainable Futures at the University of Technology, Sydney, and commissioned by Greenpeace.
The report's findings are timely. The Intergovernmental Panel on Climate Change (IPCC) meets in Bangkok this week to discuss climate change solutions. If we are to tackle climate change quickly, perverse fossil fuel subsidies must stop.
Two IPCC reports this year have already warned that unabated greenhouse emissions could drive global temperatures up as much as 6º Celsius. Even a 2ºC rise could create water shortages for 2 billion people by 2050 and threaten extinction for 20-30% of the world's species.
Moving to a sustainable, low carbon economy in Australia means cutting back on fossil fuel subsidies and investing in clean and safe renewable energy. And next week's federal Budget is a good place to start. Treasurer Peter Costello's Budget on 7 May must reflect Australians' priorities. It must remove fossil fuel subsidies, offer generous support for clean energy and energy efficient technologies and set us on a path away from climate change.
These same heavily subsidised fossil fuel industries create 70% of Australia's greenhouse gas emissions. The report reveals that coal-fired power stations pay up to $1 billion less for their coal than what it would cost on the international market. The huge subsidies given to the fossil fuel sector make competition extremely difficult for renewable energy industries.• 96% of funding in the energy and transport sectors went to polluting fossil fuel industries in 2005-06. Only 4% went to the renewable energy sector.
• Australian taxpayers subsidise polluting industries that are responsible for 70% of our greenhouse gas emissions.
Facts revealed in the new report, Energy and Transport Subsidies in Australia
Solutions: World scientists meet in Bangkok
The report's findings are timely. The Intergovernmental Panel on Climate Change (IPCC) meets in Bangkok this week to discuss climate change solutions. If we are to tackle climate change quickly, perverse fossil fuel subsidies must stop.
Two IPCC reports this year have already warned that unabated greenhouse emissions could drive global temperatures up as much as 6º Celsius. Even a 2ºC rise could create water shortages for 2 billion people by 2050 and threaten extinction for 20-30% of the world's species.
Budget 2007 a good place to start
Moving to a sustainable, low carbon economy in Australia means cutting back on fossil fuel subsidies and investing in clean and safe renewable energy. And next week's federal Budget is a good place to start. Treasurer Peter Costello's Budget on 7 May must reflect Australians' priorities. It must remove fossil fuel subsidies, offer generous support for clean energy and energy efficient technologies and set us on a path away from climate change.
Will Costello mention climate change in the Budget?
