Environmental groups say Canada provides $3.3 billion a year in fossil fuel subsidies to oil and gas producers despite its pledge to be a world leader on climate change policies. Canada’s Fossil Fuel Subsidies Total $3.3 Billion wasShow More Summary
A group of leading investors with a total of $2.8 trillion in assets under management have called on the governments of the G20 to end fossil fuel subsidies by 2020. Leading Investors Call On G20 Governments To End Fossil Fuel Subsidies...Show More Summary
While the Trump Administration is ignoring climate change, its costs are real. The US emitted 5.4 billion tons of CO2 in 2015, with a cost per ton of $36. That means, in effect, the U.S. is paying a $200 billion hidden subsidy to the fossil fuel industry.
Consumption is up in those countries that are still subsidizing gasoline use.
Rex Tillerson, President-elect Donald Trump’s nominee for secretary of state, denied that tax breaks to fossil fuel companies amount to subsidies during his Senate confirmation hearing on Wednesday. Yet Exxon Mobil Corp., the oil giant...Show More Summary
Says it all really... Value of fossil fuel subsidies fell to $325bn in 2015, still more than double $150bn spent on renewable subsidies https://t.co/Pq7iwATgBq pic.twitter.com/aY6KaG2wPr — IEA (@IEA) December 19, 2016
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Governments around the world spend vast amounts of money to subsidize the consumption of fossil fuels: oil, natural gas, and coal. In 2014, for example, consumption subsidies for fossil fuels amounted to $493 billion. These subsidies are both a waste of money and an environmental disaster, as they encourage people to burn fuels that release pollution into the atmosphere.
Both countries committed to eliminate and consolidate fossil fuel subsidies as part of the review process, a promise they made in 2013.
Although Virginia’s 2017 General Assembly session is still more than three months off, fossil fuel interests will already be planning how to win more special favors from the legislature. In past years they’ve gotten subsidies or a relaxation of environmental safeguards. Show More Summary
Many of those efforts are deemed "inefficient" examples of exploration and extraction. Continue reading US, China spend $22 billion a year on fossil fuel subsidies US, China spend $22 billion a year on fossil fuel subsidies originally appeared on Autoblog on Mon, 26 Sep 2016 16:01:00 EDT. Please see our terms for use of feeds. Permalink | Email this | Comments
As an outcome of the G20 meeting held in China earlier this month, both China and the United States volunteered to publish peer reviews of their current fossil fuel subsidies, and the results show that, together, the two countries are annually providing over $20 billion in inefficient fossil fuel subsidies. Show More Summary
Originally published on RenewEconomy. The G20 meeting in China may have been notable for the decision by both China and the US – the two biggest carbon emitters on the planet – to ratify the Paris climate treaty, an initiative that will...Show More Summary
BARCELONA (Thomson Reuters Foundation) - After this week's G20 summit in China failed to set a target year to phase out hundreds of billions of dollars in state subsidies for polluting fossil fuels, green groups and experts are urging Germany to finish the job as host of next year's summit.
In an open letter, top insurance companies ask G-20 leaders to phase-out all fossil fuel subsidies by 2020. And that's not all.
Three major insurers with more than $1.2 trillion in assets under management have urged G20 governments to commit to phasing out fossil fuel subsidies. In a joint statement published by the Overseas Development Institute (ODI), major...Show More Summary
By Kyla Mandel, Editor of DeSmog UK. Originally published at DeSmogBlog. Major global insurance companies are urging G20 leaders to commit to a specific timeline for rapidly phasing out fossil fuel subsidies – something they’ve repeatedly failed to do over the years despite numerous promises to end support for the industry. In a joint statement […]
Major global insurance companies are urging G20 leaders to commit to a specific timeline for rapidly phasing out fossil fuel subsidies – something they’ve repeatedly failed to do over the years despite numerous promises to end support...Show More Summary
OSLO (Reuters) - Insurers with $1.2 trillion under management called on Tuesday for the Group of 20 to set a timetable to phase out subsidies for fossil fuels by 2020 when they meet at a summit in China this weekend.