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|New analysis released today by Oil Change International shows that the richest developed country fossil fuel subsidies are more than five times greater than fast start climate finance funds.
The analysis was based on subsidy data released on the web last week by the Organization for Economic Cooperation and Development (OECD) and climate finance data complied by the World Resources Institute (WRI).
The International Energy Agency (IEA) made headlines last month with its new analysis of fossil fuel subsidies at $523 billion -- a 30% increase over last year. However, the IEA only analyzes consumption subsidies in developing countries. The OECD analysis covers developed countries, including most of those who are part of Annex 2 of the United Nations Framework Convention on Climate Change (UNFCCC). Annex 2 countries are those countries that under the UNFCCC are obligated to provide...