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.
G20 countries agreed to phase out inefficient fossil fuel subsidies in 2009. Seven years later, they are still making the same promise with no agreement as to how and when they will achieve this goal. There have been some important developments in global energy since the 2009 Pittsburgh G20 meeting. Show More Summary
The agreement contains a fair amount of political feel good talk (more carbon-free energy, less fossil fuel subsidies) that is largely aspirational, but it also contains some limited, useful action plans, most notably the call for better integration of utility grids.
To the editor: Gov. Jerry Brown and state lawmakers are willing to cut clean-car subsidies for residents out of the budget, but they continue to subsidize corporate fossil fuel technologies through the Self-Generation Incentive Program, which is meant to fund clean energy projects. (“California...
BRUSSELS (Reuters) - Energy ministers from the Group of 20 major economies meeting in Beijing this week came under a three-pronged attack on Tuesday over their failure to agree a deadline for the phasing out of subsidies on fossil fuels.
Solar energy now cheaper than fossil fuels even without subsidies Tibi Puiu, June 14, 2016 (ZME Science) “…[S]olar energy is getting cheaper by the minute to the point that it’s now cheaper than fossil fuels even without subsidies in...Show More Summary
Today, the Earth got a little hotter, and a little more crowded. Sheltering Beautiful Biodiversity, such as this Common Indian Crow Butterfly caterpillar found in Indian forests, is another reason to conserve these important carbon-storing ecosystems. Show More Summary
Leaders of the G7 countries including President Obama pledged to phase out fossil fuel subsidies by 2025 at the G7 summit in Japan.
With oil prices low, it's a good time to talk about phasing out fossil fuel welfare schemes.