ODI research discovers that G20 country governments’ support to fossil fuel production marries bad economics with potentially disastrous consequences for climate change. In effect, governments are propping up the production of oil, gas and coal, much of which cannot be used if the world is to avoid dangerous climate change.
G20 country governments are providing $452 billion a year in subsidies for the production of fossil fuels. Their continued support for fossil fuel production marries bad economics with potentially disastrous consequences for the climate. In effect, 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. It is tantamount to G20 governments allowing fossil fuel producers to undermine national climate commitments, while paying them for the privilege. Read the analysis here.
In the UK specific analysis the report authors say: “The UK stands out as a major industrialised economy
that, despite the G20 pledge, has dramatically increased its support to fossil fuels in recent years. While other nations have responded to the drop in energy prices by reducing fossil fuel consumer subsidies, the UK has reduced taxes on fossil fuel production, increasing subsidies to fossil fuel producers.
“However, because the UK government only defines subsidies as ‘government action that lowers the pre-tax price to consumers to below international market levels’, a recent freedom of information request resulted in the government maintaining that ‘the UK has no fossil fuel subsidies’”
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