Fossil Fuel Subsidies & Climate Change

COP 25 nearly didn’t happen at all, on account of mass protests in Santiago, Chile, the planned host city; at the last minute, it moved to Madrid, Spain, forcing some who were planning to attend to instead watch from afar.

It’s been 10 years since the G20 committed to phasing out inefficient fossil fuel subsidies. Still, across the globe, these subsidies remain high, with spending estimated at US$526 billion in 2018. HELP SPREAD THE WORD ABOUT THE NEED FOR FOSSIL FUEL SUBSIDY REFORM!  Watch these video clips and share with your network using the hashtag #stopfossilsubsidies

This working paper models 26 countries and finds national average emission reductions of 6 per cent from the removal of fossil fuel subsidies. For every tonne of CO2e removed through FFSR, governments save an average of USD 93. Global emission reductions from reforms are between 6.4 and 8.2 per cent by 2050. Countries can consider the carbon reduction co-benefits from FFSR and taxation within second-generation Nationally Determined Contributions.

Federal government uses hundreds of millions in taxpayer dollars to support the fossil fuel industry, keeps true cost of subsidies hidden from Canadians

In their closing statement at the UNFCCC COP 23 in 2017, the world’s 47 least developed countries requested that the Talanoa Dialogue include “managing a phaseout of fossil fuels”. The 2018 Talanoa Dialogue is a crucial opportunity to increase climate mitigation ambition and effectiveness by putting fossil fuel phase-out on the international climate agenda.

Two events this September set a new bar for climate change leadership. First, over 340 non-governmental organisations from 67 countries signed the Lofoten Declaration. This document calls for an end to exploration and expansion of new oil, gas and coal reserves, a managed decline of the oil, coal, and gas industry, and a just transition to a safer climate future.