Government spending last year for fossil fuel companies was about six times higher than it was for renewable energy, according to the International Energy Agency. Government spending for the oil and natural gas industry rose 36% to $409 billion, while investments for biofuels, wind power and solar energy grew 10% to $66 billion, the IEA said. Although fossil fuels supplied about 80% of energy requirements worldwide, the tax incentives they receive are "creating market distortions that encourage wasteful consumption. The costs of subsidies to fossil fuels generally outweigh the benefits," the agency said.
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