Quantcast
Environmental News for a Healthier Planet and Life

G20 Leaders—Cut Fossil Fuel Subsidies and Kick-Start Climate Fund

G20 Leaders—Cut Fossil Fuel Subsidies and Kick-Start Climate Fund

Greenpeace

Greenpeace challenged the Group of Twenty (G20) leaders Nov. 2 attending the summit in Cannes to deliver on their pledge1 to cut fossil fuel subsidies and instead invest in green jobs, in response to the current global financial, economic and environmental crisis.

A World Bank report prepared for the G202 shows that if developed countries3 transferred $10 billion from fossil fuel subsidies to climate finance, this could kick start the $100 billion Green Climate Fund and pay for real solutions that cut emissions, create jobs and help the most vulnerable countries adapt to climate change. This $10 billion funding would represent only 20 percent of the current spend on climate-destroying subsidies.

“G20 leaders must deliver on their 2009 pledge by setting a clear timetable for cutting fossil fuel subsidies,” said Patricia Lerner, Greenpeace International Senior Political Advisor. “Instead of lining the pockets of oil companies during a time of financial crisis, this is an opportunity for world leaders to act in the interests of the people instead of polluting corporations.”

Greenpeace is calling on the G20 to formulate a timetable for the phase-out of fossil fuel production subsidies. The consumption subsidy reforms required for this phase-out need to be delivered through socially just transition plans, designed to protect the poor in developing countries.

The international environmental organization also issued a checklist4 Nov. 2 of four key criteria for a successful G20, calling on leaders to honor their promises to protect their citizens from the climate crisis, which will make the current economic crisis look small, if leaders fail to act decisively to prevent catastrophic climate change.

“Time is of the essence for bailing out the climate," Lerner added. “With just weeks to go before the climate summit in Durban, governments must show that the G20 can be a calming force for both the world economy and climate, by cutting polluting subsidies and shifting that money to create the green jobs and climate protection investments the world so urgently needs.”

Greenpeace is an independent global campaigning organization that acts to change attitudes and behaviour, to protect and conserve the environment and to promote peace.

For more information, click here.

—————

Notes:

1The G20 leaders pledged to cut fossil fuel subsidies at their Pittsburgh meeting in 2009.

2Mobilizing Climate Finance, a Paper prepared at the request of G20 Finance Ministers, September 19, 2011.

3The OECD estimated the annual consumption and production subsidies of the 27 EU member states, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland and the U.S. amounted to about $40-60 billion per year in 2005-2010.

4Greenpeace G20 checklist available here.

air
An Edith's Checkerspot butterfly in Los Padres National Forest in Southern California. Patricia Marroquin / Moment / Getty Images

Butterflies across the U.S. West are disappearing, and now researchers say the climate crisis is largely to blame.

Read More Show Less

EcoWatch Daily Newsletter

A wildfire burns in the Hollywood hills on July 19, 2016 in Hollywood, California. AaronP / Bauer-Griffin / GC Images

California faces another "critically dry year" according to state officials, and a destructive wildfire season looms on its horizon. But in a state that welcomes innovation, water efficacy approaches and drought management could replenish California, increasingly threatened by the climate's new extremes.

Read More Show Less

Trending

Wisdom is seen with her chick in Feb. 2021 at the Midway Atoll National Wildlife Refuge. Jon Brack / Friends of Midway Atoll National Wildlife Refuge / Flickr / CC 2.0

Wisdom the mōlī, or Laysan albatross, is the oldest wild bird known to science at the age of at least 70. She is also, as of February 1, a new mother.

Read More Show Less
Wind turbines in Norway. piola66 / E+ / Getty Images

By Hui Hu

Winter is supposed to be the best season for wind power – the winds are stronger, and since air density increases as the temperature drops, more force is pushing on the blades. But winter also comes with a problem: freezing weather.

Read More Show Less
Jaffa Port in Israel. theDOCK innovated the Israeli maritime space and kickstarted a boom in new technologies. Pixabay

While traditional investment in the ocean technology sector has been tentative, growth in Israeli maritime innovations has been exponential in the last few years, and environmental concern has come to the forefront.

Read More Show Less