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    Home > Chemicals Industry > International Chemical > Over the past three years, the average annual fossil fuel subsidies for the G20 have reached $584 billion

    Over the past three years, the average annual fossil fuel subsidies for the G20 have reached $584 billion

    • Last Update: 2023-01-03
    • Source: Internet
    • Author: User
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    The International Institute for Sustainable Development (IISD), the Overseas Development Institute (ODI) and the International Oil Change International released a joint report on Tuesday saying that despite repeated commitments to end inefficient fossil fuel subsidies, G20 government support for fossil fuels has fallen by just 9 percent since 2014-2016, reaching $584 billion
    annually over the past three years.

    Efforts to spend billions of dollars on fossil fuels this year in response to Covid-19 could offset this modest progress
    , the report said.

    Anna Geddes of the IISD said: "G20 governments are not on track to meet their commitments
    to end public support for fossil fuels in the Paris Agreement.
    Now, disappointingly, they are moving
    in the opposite direction.
    Fossil fuel finance in the G20 is likely to remain the same compared to the slight decline in our support over the past few years, or even rise
    again in 2020.

    Since the start of the pandemic, G20 governments have provided at least US$233 billion in additional support
    to fossil-fuel-intensive industries through economic recovery measures, according to the latest data.

    "The recently announced net-zero plans of China, Japan and South Korea and the EU's Green Deal initiative demonstrate a commitment
    to climate action," Geddes said.

    In addition, "the current Common Finance Summit, the G20 summit on November 28 and the fifth anniversary of the Paris Agreement in December will bring some new opportunities
    .
    " Despite the lack of progress over the past three years, we can reach a turning point
    in the next three years.

    The International Institute for Sustainable Development (IISD), the Overseas Development Institute (ODI) and the International Oil Change International released a joint report on Tuesday saying that despite repeated commitments to end inefficient fossil fuel subsidies, G20 government support for fossil fuels has fallen by just 9 percent since 2014-2016, reaching $584 billion
    annually over the past three years.

    fossil fuel

    Efforts to spend billions of dollars on fossil fuels this year in response to Covid-19 could offset this modest progress
    , the report said.

    Anna Geddes of the IISD said: "G20 governments are not on track to meet their commitments
    to end public support for fossil fuels in the Paris Agreement.
    Now, disappointingly, they are moving
    in the opposite direction.
    Fossil fuel finance in the G20 is likely to remain the same compared to the slight decline in our support over the past few years, or even rise
    again in 2020.

    Since the start of the pandemic, G20 governments have provided at least US$233 billion in additional support
    to fossil-fuel-intensive industries through economic recovery measures, according to the latest data.

    "The recently announced net-zero plans of China, Japan and South Korea and the EU's Green Deal initiative demonstrate a commitment
    to climate action," Geddes said.

    In addition, "the current Common Finance Summit, the G20 summit on November 28 and the fifth anniversary of the Paris Agreement in December will bring some new opportunities
    .
    " Despite the lack of progress over the past three years, we can reach a turning point
    in the next three years.

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