Rich nations spend $100 bln a year on fossil fuels despite climate pledges


Rich nations spend $100 bln a year on fossil fuels despite climate pledges

The world’s major industrial democracies spend at least $100 billion each year to prop up oil, gas and coal consumption, despite vows to end fossil fuel subsidies by 2025, a report said on Monday ahead of the G7 summit in Canada.

Britain, Canada, France, Germany, Italy, Japan and the United States – known as the Group of Seven (G7) – pledged in 2016 to phase out their support for fossil fuels by 2025.

But a study led by Britain’s Overseas Development Insitute (ODI) found they spent at least $100 billion a year to support fossil fuels at home and abroad in 2015 and 2016.

“Governments often say they have no public resources to support the clean energy transition,” the study’s lead author Shelagh Whitley told the Thomson Reuters Foundation. “What we’re trying to do is highlight that those resources are there (but) it is being used inefficiently. Read More

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