UK: IMF stats show fossil fuels still get billions in subsidies, while renewables slashed

An IMF survey, “How Large Are Global Energy Subsidies?” shows that the UK’s fossil fuel sector is receiving subsidies of more than £26 billion this year - more than £400 per person living in this country. The IMF states that this is 1.4% of UK GDP. For comparison, UK spending on defence is 2.1% of GDP.

The cost of supporting all renewable energy technologies in 2014/15 is £3.5 billion according to figures from the Dapertment of Energy and Climate Change.

RenewableUK’s Deputy Chief Executive Maf Smith said: “The IMF is right to turn the spotlight on the billions of pounds in subsidies which the UK’s fossil fuel sector continues to enjoy at the expense of all of us.

Although there’s been a great deal of scrutiny about the cost of renewable energy, the price that all British taxpayers are still being forced to pay to the oil, coal and gas industries, decades after they became well-established, is eye-watering.

“It’s time for the UK to wake up to the benefits of renewable energy, Moving away from subsidising coal, oil and gas and backing technologies like onshore and offshore wind will help keep bills down and protect consumers.

“But a first step is Government being honest about the true cost of all forms of energy and the value renewables bring”.