G20 Countries Spend 4X In Subsidies On Fossil Fuel Production As On Renewables
The G20 countries spend almost four times as much to prop up fossil fuel production as they do to subsidize renewable energy, calling into question their commitment to halting climate change, a think tank said on Thursday
The G20 spent an average $78 billion on national subsidies delivered through direct spending and tax breaks in 2013 and 2014, according to a report from the Overseas Development Institute (ODI) on Thursday.
A further $286 billion was invested in fossil fuel production by G20 state-owned enterprises. Related public finance was estimated to average a further $88 billion a year. Meanwhile, renewable energy subsidies in 2013 were estimated at $121 billion by the International Energy Agency (IEA).
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Oxfam's Deputy Advocacy and Campaigns Director, Steve Price-Thomas, said leaders of developed countries were also falling short on their promises to help poor countries adapt to the impacts of climate change. "These same governments are spending billions propping up the coal and oil industry. They must stop paying the polluters and instead ensure that poor communities receive the money they need to cope with a changing climate," he said.
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http://www.reuters.com/article/2015/11/12/us-g20-turkey-climatechange-idUSKCN0T101020151112#S0kc5UsfjFc2cGLG.97
