We know that renewables attract preposterous subsidies. The per-kWh subsidy I get for my small domestic solar PV system is about five times the cost of producing the same kWh in a proper grown-up power station. Wind farms attract massive subsidies. David Cameron’s father-in-law, Sir Reginald Sheffield, reportedly earns as much as £350,000 a year from eight turbines on his estate at Bagmoor in Lincolnshire.
Yet as soon as we advance these arguments, the Greenies come back with the assertion that “fossil fuels attract more subsidies than renewables”. And they seem to have considerable backing for this view, as well.
The IMF, no less, in a recent report, states that subsidies for petroleum products, electricity, natural gas and coal reached $480 billion in 2011. That’s a mighty big number by anyone’s standards.