Oil Change International and Overseas Development Institute released a new report today, ‘Empty Promises: G20 subsidies to oil, gas and coal production,’ documenting government support from G20 countries to the fossil fuel industry.
G20 country governments are providing $444 billion a year in subsidies for the production of fossil fuels. These governments are propping up the production of oil, gas and coal, most of which can never be used if the world is to avoid dangerous climate change, and undermining national climate commitments.
Next week, on November 14th, we’re raising some noise. We are demanding our leaders live up to their commitments. We’re demanding they square their climate rhetoric with action. We’re telling them to Stop Funding Fossils.
G20 leaders first pledged to end fossil fuel subsidies back in 2009. Almost six years later, and despite reiterating that vow each and every year, they have precious little to show for it.
G20 countries are estimated to be spending $88 billion every year subsidising exploration for fossil fuels. This new report documents, for the first time, the scale and structure of fossil fuel exploration subsidies in the G20 countries.
A new report by Oil Change International identifies billions of dollars in subsidies for fossil fuel exploration from the world’s wealthiest countries.
In this graphic, you can see that according to Oil Change International analysis, governments around the world are spending perhaps more than $1 trillion USD combined per year subsidizing the fossil fuel industry.
23 May 2012 Ahead of upcoming meetings in June of the G20 in Mexico and the United Nations Rio + 20 Summit, the pace of activity around worldwide efforts to phase out subsidy reform is quickening. Last weekend, the G8 leaders reaffirmed their commitment to phase out fossil fuel subsidies in their statement coming out … Read More
As G20 leaders prepare to meet later this week in South Korea, they face a daunting in-tray. But amongst the issues they need to address are fossil fuel subsidies. In part they have created a rod for their own back. It was a just over a year ago in September 2009 at the G20 meeting … Read More