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An Excerpt from this week’s article…
Fossil Fuel Subsidies ‘Bad for Business’
Say $2.8 Trillion Investor Group
In advance of the G20 Hamburg Summit in July 2017 investor groups that control $2.8 trillion in assets report that fossil fuel subsidies are counterproductive to G20 economies.
This latest call to remove fossil fuel subsidies came two years after the G20 Brisbane Summit (2014) where leaders announced their intention to, “reaffirm our commitment to rationalise and phase out inefficient fossil fuel subsidies that encourage wasteful consumption.” — G20 Brisbane Leaders’ Communiqué
The 16-member mega-investor group says G20 nations should set a clear timeline “for the full and equitable phase-out by all G20 members of all fossil fuel subsidies by 2020,” and mobilize “to accelerate green investment and reduce climate risk” in a report submitted to G20 foreign ministers preparing for the upcoming G20 Summit in Hamburg, Germany.
G20 fossil fuel subsidies total $452 billion annually according to the Overseas Development Institute and Oil Change International.
Meanwhile, annual subsidies for renewable energy in the G20 nations amounts to only 1/4 of the annual subsidy awarded to fossil fuels, which have received mega-billions of subsidy dollars every single year since 1918… (Continue Reading)