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Renewable energy subsidies are increasing, says IEA
Written by International Energy Agency   
Jan. 12, 2012 - The International Energy Agency released its report on 2010 energy subsidies with a focus on fossil fuels, but does make note that renewable energy subsidies are increasing.

According to the report (detailed here), fossil fuel subsidies reached $409 billion in 2010, over 35 percent higher than in 2009. Oil is the main source of the subsidies, followed by coal, electricity and natural gas.

Meanwhile, renewable energy (biofuels and other renewable sources like solar, hydro and wind) subsidies for 2012 were tallied at $66 billion, 10 percent higher than the previous year.

"The European Union and the United States were responsible for almost 80 percent of the $66 billion in renewable energy subsidies in 2010, with the European Union spending $35 billion, almost twice the amount spent by the United States. According to the IEA, production mandates for biofuels in the United States are expected to raise those subsidies to $70 billion in 2035."

Biofuel specific subsidies totaled $22 billion, a rise of six percent from 2010.