Earlier today Friends Of The Earth reported that chancellor George Osbourne has in fact handed out £2.7bn in incentives to the big polluters of large oil and gas companies located in the North Sea. Economics Campaigner at Friends of the Earth David Powell said: "The Chancellor falls over himself to claim renewable energy is expensive, while bending over backwards to offer oil barons massive tax breaks." So what is going on? With large subsides planned to encourage fracking and ever continuing cuts to subsidies for wind and solar energy farms Mr Osbourne has come under immense fire from several environmental groups. The Friends Of The Earth calculated that if the 32 new or existing North Sea oil and gas fields which qualify for allowances were to be taken up in full, they would be worth a combined £2.7bn over 5 years. The £2.7bn is the amount in which these companies would have had to contributed in tax on their profits from oil and gas extraction. Friends Of The Earth also claimed that 28 fields in 2012-13 received an eye watering tax relief of £1.9bn. The treasury however, remains assured that we are still on track to reach the 15% renewable energy target set by 2020. Follow My Electric Radiators on facebook and Twitter to keep up to date with all the latest energy news. They supply an extensive range of wall mounted electric radiators reducing both your energy bills and carbon footprint.