The G20 group of countries, a club of all the world’s leading economies, including Brazil, China, Germany, India, Japan and the United States, are spending US$88 billion a year on fossil fuel exploration subsidies.
These generous public subsidies are "propping up fossil-fuel exploration" which would otherwise by uneconomic, according to a report from the Overseas Development Institute and Oil Change International.
“Despite the widespread perception that renewables are costly, our research reveals that finding new fossil-fuel reserves is costing nearly US$88 billion in exploration subsidies across the G20," says Shelagh Whitley from the Overseas Development Institute. "Scrapping these subsidies would begin to create a level playing field between renewables and fossil-fuel energy."
Infographic: The fossil-fuel bailout (click to enlarge)