As the UK’s oil rigs are decommissioned over the next few years, the Government will give the oil companies in excess of 30 billion dollars in subsidies.
A new report out today reveals that U.S. taxpayers continue to foot the bill for more than $20 billion in fossil fuel subsidies each year. These subsidies amount to billions of dollars wasted to prop up an industry responsible for a climate crisis that has contributed to lives lost and hundreds of billions in damages this hurricane season alone.
A new report by Oil Change International reveals that U.S. taxpayers continue to foot the bill for more than $20 billion in fossil fuel subsidies each year. Every dollar spent subsidizing this industry takes us further away from achieving internationally agreed emissions goals, and maintaining a stable climate.
“Canada’s fossil fuel subsidies are like taxing consumers when they buy cigarettes while giving massive tax breaks to tobacco companies that encourage them to produce more cigarettes. It doesn’t make sense.”
This year, G20 leaders reiterated their same tired commitment to end fossil fuel subsidies, for the seventh time in a row. It’s starting to ring hollow.
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.