Energy
Failure To Agree On Phase-Out Date Of Fossil Fuel Subsidies From G20 Leaders
The leaders of the world’s largest economies came together for the summit in Hangzhou, China and climate change was at the top of the agenda. However communications released today lack a deadline for phasing out subsidies to the fossil fuel industry.
Climate Action Network (CAN) Europe calls upon Germany, as next the G20 chair and the EU as a whole to take necessary steps to both agree on a rapid phase out of subsidies globally and walk the talk in Europe.
The US and China’s ratification of the Paris Agreement ahead of the G20 paved the way for a positive outcome of the Summit. The communiqué released today solidified the announcement by the US and China to swiftly ratify the Paris Agreement, but once again leaves out an end date for when fossil fuel subsidies are to be phased out.
Leaders of the world’s largest economies are still shying away from their responsibility
In reaction to the outcome of the Summit, Wendel Trio, Director at Climate Action Network (CAN) Europe said:
“The outcome of the G20 Summit unfortunately shows that despite soaring pressure to phase out fossil fuel subsidies in light of the Paris Agreement, leaders of the world’s largest economies are still shying away from their responsibility to set a deadline to phase out subsidies. To stay true to the Paris objectives, all G20 countries, including the EU needs to phase out all fossil fuel subsidies by 2020. With the G20 presidency moving into Europe next year, the EU now needs to show leadership and urgently reform its policies and tools that both directly and indirectly allow for financial support to the fossil fuel industry.”
In 2009, G20 leaders committed to phase out fossil fuel subsidies. Since then, governments have failed to agree on a deadline for when this should be achieved.
The EU has, through its commitment to phase out environmentally harmful subsidies by 2020 committed to phase out fossil fuel subsidies by this date, but a briefing published by CAN Europe last week shows that the EU is still providing massive support to fossil fuels.