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The International Energy Agency on Wednesday said that fossil-fuel consumers worldwide received about six times more government subsidies than were given to the renewable-energy industry, ISI Emerging Markets reports.
In its World Energy Outlook report IEA said that state spending to cut retail prices of gasoline, coal and natural gas rose 36% to $409 billion as global energy costs increased, ISI said. Aid for biofuels, wind power and solar energy, rose 10% to $66 billion. While fossil fuels meet about 80% of world energy demand, its subsidies are "creating market distortions that encourage wasteful consumption," IEA said. "The costs of subsidies to fossil fuels generally outweigh the benefits." Nuclear power made up 5.8% of total energy use in 2009.
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