US subsidies for fossil resources and nuclear far surpass anything in renewable energy
While many US Republican senators protest against government investments in the renewable energy sector, a new study, “What Would Jefferson Do? The Historical Role of Federal Subsidies in Shaping America’s Energy Future,” released by the venture capital firm DBL Investors, has found that investments given to the development of fossil fuel and nuclear industries in their early years far exceed those that have been provided for renewable energy technologies.
According to the report, the American oil, gas and nuclear industries have cumulatively received more than $630 billion in subsidies, while renewables and biofuels together have been awarded only about $40 billion. The graph below shows how little the US government has provided annually in subsidies for renewable energy technologies up until now.