Fossil fuel firms have received £13.6 billion in UK government subsidies since the Paris climate accord, new data reveals, as Bulb is backed by £1.7 billion in taxpayer money to keep it supplying energy. Meanwhile, a study shows that men’s meaty diets are responsible for 40 per cent more planet-heating emissions women’s, tidal power projects win a £20 million government funding pot, and BP is planning a large-scale green hydrogen plant in northeast England. It’s the Good With Money weekly newsbrief.
UK fossil fuel subsidies hit £13.6bn since Paris Agreement
The UK government has handed the oil and gas industry £13.6 billion in subsidies since the landmark Paris climate agreement was signed in 2015, according to campaign group Paid to Pollute.
From 2016 to 2020 fossil fuel companies received £9.9 billion in tax reliefs for new exploration and production, new data from the Organisation for Economic Co-operation and Development shows. On top of this, they received £3.7 billion in payments towards decommissioning costs.