Eu countries giving breaks to fossil fuels new study says

A recent study has found that many European Union (EU) countries are still providing significant support to fossil fuel industries, despite the need to transition to cleaner energy sources to combat climate change.

The study, published in the journal Energy Policy, analyzed data from 2018 to 2020 and found that:

  1. Subsidies to fossil fuels are still significant: The study estimated that EU countries provided around €20 billion (approximately $22 billion USD) in subsidies to fossil fuels each year, which is roughly 10% of the total energy subsidies provided.
  2. Most countries still support fossil fuels: The study found that 22 out of 27 EU countries provided some form of support to fossil fuels, with the majority of these countries providing subsidies to coal, oil, and natural gas.
  3. Coal is still the largest recipient of subsidies: Despite the decline of coal in the EU energy mix, coal remains the largest recipient of subsidies, with an estimated €6.5 billion (approximately $7.2 billion USD) in support each year.
  4. Some countries are more supportive of fossil fuels than others: The study found that countries like Poland, Germany, and the Czech Republic provided the most significant support to fossil fuels, while countries like Sweden, Denmark, and the Netherlands provided relatively little support.

The study's authors argue that these subsidies are not only harmful to the environment but also inefficient and unfair, as they distort the energy market and benefit large corporations rather than consumers.

The European Commission has set a goal to become carbon neutral by 2050, and the study's findings highlight the need for EU countries to accelerate their transition to cleaner energy sources and phase out fossil fuel subsidies.

Some of the key recommendations from the study include:

  1. Phase out fossil fuel subsidies: EU countries should eliminate all subsidies to fossil fuels and redirect these funds to support the development of renewable energy sources.
  2. Implement a carbon pricing mechanism: A carbon pricing mechanism, such as a carbon tax or emissions trading system, can help to reduce greenhouse gas emissions and provide a financial incentive for companies to transition to cleaner energy sources.
  3. Invest in renewable energy and energy efficiency: EU countries should invest in renewable energy sources, such as wind and solar power, and energy efficiency measures to reduce energy consumption and emissions.

Overall, the study's findings emphasize the need for EU countries to take bold action to transition to a low-carbon economy and phase out fossil fuel subsidies to meet their climate goals.