May 27, 2016

Alex Doukas, alex [at] priceofoil [dot] org

G7 leaders call for end to fossil fuel subsidies worldwide by 2025

In response to the G7 Leaders’ Declaration released today, where world leaders for the first time established a deadline on their commitment to phase out fossil fuel subsidies, Alex Doukas, Senior Campaigner at Oil Change International, released the following statement:

“Today, G7 governments took an important step away from the fossil fuel industry and towards real climate action, by calling for an end to oil, gas, and coal subsidies no later than 2025. While these subsidies should end by 2020 if we want a decent chance at avoiding the worst impacts of climate change, today’s statement represents the first time governments have put a firm deadline beside their many symbolic commitments to phase out of fossil fuel subsidies. Eliminating fossil fuel subsidies is a critical first step in any government plan to address the climate and development crises by weaning the world off of oil, gas and coal over the next four decades.

The G7 meetings made it apparent that host government Japan is increasingly isolated in the global community because of its obsession with obsolete coal technology. While other G7 governments are rapidly shifting away from coal, Japan remains stuck in the past, building new coal plants at home and financing the construction of many more abroad. Japan has financed nearly $22 billion in deadly coal projects abroad since 2007, investments that could have serious long-term implications for global climate action goals. These investments underscore the need to end fossil fuel subsidies and public finance for fossil fuels as soon as possible, and no later than 2020. The world can’t wait until 2025 for major economies to stop funding fossils.”