"The G20 countries have provided more than $3.3tn (£2.4tn) in subsidies for
fossil fuels since the Paris climate agreement was sealed in 2015, a report
shows, despite many committing to tackle the crisis.
This backing for coal, oil and gas is “reckless” in the face of the
escalating climate emergency, according to the report’s authors, and urgent
action is needed to phase out the support. The $3.3tn could have built solar
plants equivalent to three times the US electricity grid, the report says.
The G20 countries account for nearly three-quarters of the global carbon
emissions that drive global heating.
The report, by BloombergNEF and Bloomberg Philanthropies, focuses on three
areas where immediate action is needed to limit global temperature rise to
1.5C: ending fossil fuel subsidies, putting a price on carbon emissions and
making companies disclose the risks posed by climate change to their
The report says all 19 G20 member states continue to provide substantial
financial support for fossil-fuel production and consumption – the EU bloc is
the 20th member. Overall, subsidies fell by 2% a year from 2015 to reach $636bn
in 2019, the latest data available.
But Australia increased its fossil fuel subsidies by 48% over the period,
Canada’s support rose by 40% and that from the US by 37%. The UK’s subsidies
fell by 18% over that time but still stood at $17bn in 2019, according to the
report. The biggest subsidies came from China, Saudi Arabia, Russia and India,
which together accounted for about half of all the subsidies."
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics