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
G20 Fossil-Fuel Subsidy Phase Out: A review of current gaps and needed changes to achieve success Oil Change International & Earth Track November 2010 Download the full report, G20 Fossil-Fuel Subsidy Phase Out (PDF) The Economist: “Green view: How to save $300 billion,” November 12, 2010. Financial Times: Alan Beattie, “G20 countries accused of fossil … Read More
I don’t know how many G20 leaders will have time to read the FT website today, but they should. The paper’s editorial is nothing short of staggering. It starts by stating “As addictions go, the world’s addiction to fossil fuels is a killer.” Coming from the mouthpiece of one of the world’s financial capitals, which … Read More
So the political road-show moves from the UN up to the G20 at Pittsburgh, where climate and the banking crisis will be on the table. And so will a discussion about ending fossil fuel subsidies. For years campaigners have been arguing for the ending of the tax breaks and other incentives given to the fossil … Read More