Acasă » Oil&Gas » Exploration & production » G7 countries pour $100bn a year into oil, gas and coal

G7 countries pour $100bn a year into oil, gas and coal

energynomics

Each year, at least US$100 billion goes to support the production and consumption of oil, gas and coal, according to a major new study. That is despite a promise from all G7 and G20 members to stop subsidising fossil fuels by 2025.

The United States ranked lowest in the study due to its continued support for exploration and production of oil gas and coal, according to the study, performed by researchers at the Overseas Development Institute (ODI), Oil Change International (OCI), the International Institute for Sustainable Development (IISD), and the Natural Resources Defense Council (NRDC).

Under President Trump, the US also backtracked on previous pledges to end support to fossil fuels, the researchers said, explaining America’s poor showing in the ranking. France, meanwhile, came highest due to its commitment to stop coal mining and ending support for fossil fuel exploration, according to Euractiv.com.

G7 leaders are meeting in Charlevoix, Canada, on 8–9 June amid growing pressure to deliver on their pledge to tackle climate change and phase out fossil fuel subsidies by 2025 – a promise they first made back in 2009. Last December, the World Bank committed to ending its finance for oil and gas extraction.

But despite those pledges, G7 governments provided at least US$80.62bn in fiscal support and US$19.54bn in public finance for fossil fuels in 2015 and 2016, the report found. 64% of the support was used in transport, households, industry and other sectors.

“G7 countries are continuing to subsidise oil, gas and coal, fuelling dangerous climate change with tax-payers’ money,” said Shelagh Whitley, head of the Climate and Energy Programme at ODI.

“This scorecard addresses the current gap in accountability and, for the first time, tracks progress by each of the G7 countries in phasing out fossil fuel subsidies. While some progress has been made in recent years, overall it is a grim picture with not one country scoring highly,” Whitley said.

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *