A research, commissioned by the Liberal Democrats has found that the UK government has given £20bn more in support to fossil fuel producers than those of renewables since 2015.
The research showed that while renewable energy was given £60bn in support over that time, fossil fuel companies were given close to £80bn.
According to the findings of the research, renewable energy support was greater than fossil fuel support for the first time in 2020. However, fossil fuels have been receiving greater additional investment recently. From 2020 to 2021 they received an extra £1bn in support from the government compared with 2020, a 10.7% increase. For renewable energy in the same year, total support for projects increased by just £1m, or 0.01%.
Analysis by the House of Commons library also found that a fifth of the money given directly to the fossil fuel industry was to support new extraction and mining. In 2021, support for fossil fuel extraction rose by 20% to nearly £2bn.
Politicians have since asked the government to put net zero at the heart of policy decisions instead of funding fossil fuel corporations.
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Wera Hobhouse, the Liberal Democrat climate and energy spokesperson, said: “It is extremely alarming that the Conservative government has been giving these staggering amounts to the fossil fuel industry. Not only have the Conservatives failed to properly tax the record profits of the oil and gas giants, but they have also showered these companies with taxpayer money too.
“We have been through one of the toughest winters on record and the energy crisis is still biting hard. The government squandered the opportunity to shield us from these spiralling energy bills through their lack of long-term thinking. For years, they gave billions to the fossil fuel industry, rather than actually improving our energy security by investing properly in renewables.
Speaking further, she said “This is just yet more proof of the government’s legacy of failure on climate change. They need to get a grip and start putting net zero at the heart of all our policy decisions. It will grant us the energy-secure, green future we desperately need.”
She added that when in the coalition government, the Liberal Democrats tripled renewable energy generation and said the Lib Dems would also end new listings of fossil fuel companies on the London Stock Exchange and require existing fossil fuel companies to set out how they will transition to net zero.
Story was adapted from the Guardian.
