Cut $160bn support for fossil sources, OECD demands

Between $160bn-$200bn was spent over the last four years supporting production and consumption of fossil sources across the 34 OECD member states plus Brazil, China, India, Indonesia, Russia and South Africa, according to the body’s latest study of the issue.

The OECD report covers about 800 programmes and tax-breaks operating in the 2010-14 period, mostly benefiting petroleum consumption.

While showing “slight progress” on preceding periods, the OECD said there is plenty of room for further cuts, with support still running at more than $160bn last year.

According