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120bn EUR would be more than Germany spends on electricity generation in total (considering that Germany generates a bit less than 600bn kwh p.a. in electricity
by oezi 2y ago
120bn EUR would be more than Germany spends on electricity generation in total (considering that Germany generates a bit less than 600bn kwh p.a. in electricity and wholesale electricity prices were €95.18/MWh in 2023)
- Herz 2y agoYes, forgive me, I'm talking worldwide. "A 2020 report by IRENA9 tracked some $634 billion in energy-sector subsidies in 2020, and found that around 70% went to fossil fuels. Only 20% went to renewable power generation, 6% to biofuels and just over 3% to nuclear. “This overwhelming imbalance of subsidies between fossil fuels and clean energy is a drag on us achieving the Paris climate goals,” says Taylor, who wrote the report. The balance of these numbers varies from year to year, because fossil-fuel subsidies swing around depending largely on the price of oil, he adds." https://www.nature.com/articles/d41586-021-02847-2#:~:text=A%202020%20report,oil%2C%20he%20adds https://www.nature.com/articles/d41586-021-02847-2#:~:text=A... Among other things, it is important to note that more than half of that money comes from the EU.
- oezi 2y agoThank you! Sounds plausible. China also spends a lot on subsidies for their solar industry (at least this is often mentioned).