G20 spend $88bn in fossil fuel exploration subsidies
AFP, London :
Leading world economies are spending $88 billion (71 billion euros) a year in fossil fuel exploration subsidies, sapping investment from low-carbon alternatives and increasing the risk of “dangerous climate change”, a report said Tuesday.
The report by Britain’s Overseas Development Institute think tank said that these subsidies “could drive the planet far beyond the internationally agreed target of limiting global temperature increases to no more than two degrees Celsius”.
The report was published in conjunction with Oil Change International, a US advocacy group, and comes ahead of a meeting of G20 leaders this weekend in Brisbane, Australia.
Britain, Russia, the United States and Australia had some of the highest national subsidies, said the report, which pointed in particular to Washington providing $5.1 billion to fossil fuel industries last year-almost double the level in 2009.
Leading world economies are spending $88 billion (71 billion euros) a year in fossil fuel exploration subsidies, sapping investment from low-carbon alternatives and increasing the risk of “dangerous climate change”, a report said Tuesday.
The report by Britain’s Overseas Development Institute think tank said that these subsidies “could drive the planet far beyond the internationally agreed target of limiting global temperature increases to no more than two degrees Celsius”.
The report was published in conjunction with Oil Change International, a US advocacy group, and comes ahead of a meeting of G20 leaders this weekend in Brisbane, Australia.
Britain, Russia, the United States and Australia had some of the highest national subsidies, said the report, which pointed in particular to Washington providing $5.1 billion to fossil fuel industries last year-almost double the level in 2009.
