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World

Australia spending billions on fossil fuel subsidies: report

2021-04-26 16:56:40

CANBERRA, April 26 (Xinhua) -- Australian governments are under pressure to end subsidies for fossil fuel after a report revealed they are costing billions of dollars every year.

According to the report, which was published by think tank the Australia Institute on Monday, governments have spent 10.3 billion Australian dollars (about 8 billion U.S. dollars) subsidizing fossil fuels in financial year 2020/21, the equivalent of 19,686 AUD (15,312 USD) every minute in 2020.

It said that the 7.84 billion AUD (about 6.07 billion USD) from the government's main tax break to major fossil fuel users exceeded the amount spent on the Australian Army.

"Coal, oil and gas companies in Australia give the impression that they are major contributors to the Australian economy, but our research shows that they are major recipients of government funds," Rod Campbell, the institute's research director, said in a media release.

"From a climate perspective this is inexcusable and from an economic perspective it is irresponsible."

He said the support was outdated as the world increasingly turns to renewable energy sources. Enditem

Editor:Jiang Yiwei