echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > International Chemical > G7 countries spend at least $1000 billion a year on fossil fuels

    G7 countries spend at least $1000 billion a year on fossil fuels

    • Last Update: 2022-12-27
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    A report released ahead of the G7 summit said the world's major industrial countries spend at least $100 billion a year to support oil, gas and coal consumption, despite vowing to end fossil fuel subsidies
    by 2025.

    G7 countries spend at least $100 billion a year on fossil fuels

    The United Kingdom, Canada, France, Germany, Italy, Japan and the United States are known as the Group of Seven (G7).

    The G7 committed in 2016 to phase out support
    for fossil fuels by 2025.

    However, a study led by the UK's Overseas Development Institute (ODI) found that G7 members spent at least $100 billion a year in 2015 and 2016 to support fossil fuel consumption
    at home and abroad.

    Shelagh Whitley, lead author of the study and head of ODI's climate unit, told Thomson Reuters Fund: "Governments often claim that there are no public resources to support the clean energy transition
    .
    What we're trying to do is highlight those resources that are out there, but are being used
    inefficiently.

    Whitley added: "The G7 has committed to phasing out fossil fuel subsidies, but they don't have any accountability regime to deliver on their commitments
    .
    They don't have a roadmap or plan
    .

    The report reviews and scores each country based on indicators such as transparency and commitment, as well as progress
    towards ending the use, support and production of fossil fuels.

    France ranked highest, with 63 points on a 100-point scale, followed by Germany with 62 points, Canada with 54 points and the United Kingdom with 47 points
    , the report said.

    Due to U.
    S.
    support for fossil fuel production and withdrawal from the 2015 global deal to combat climate change, the U.
    S.
    scored the lowest at just 42
    .

    The 2015 Paris Climate Agreement commits countries to curb greenhouse gas emissions and keep global temperature rise at 2°C
    compared to the pre-industrial era.

    The UK scored the lowest for transparency because it denied that the government provided fossil fuel subsidies, although it supported tax breaks
    for oil and gas exploration in the North Sea, the report said.

    "We do not subsidize the production or consumption
    of fossil fuels.
    " A spokesman for the UK Treasury told
    the Thomson Reuters Foundation in an email.
    "As part of our commitment to the G20 and G7, we are supporting other countries to phase out fossil fuel subsidies
    .
    "

    The study, co-authored by Oil Change International, the International Institute for Sustainable Development and the Natural Resources Defense Council, urges G7 governments to develop concrete plans to meet their commitment
    to end fossil fuel subsidies by 2025.

    A report released ahead of the G7 summit said the world's major industrial countries spend at least $100 billion a year to support oil, gas and coal consumption, despite vowing to end fossil fuel subsidies
    by 2025.

    fossil fuel

    G7 countries spend at least $100 billion a year on fossil fuels

    G7 countries spend at least $100 billion a year on fossil fuels

    The United Kingdom, Canada, France, Germany, Italy, Japan and the United States are known as the Group of Seven (G7).

    The G7 committed in 2016 to phase out support
    for fossil fuels by 2025.

    However, a study led by the UK's Overseas Development Institute (ODI) found that G7 members spent at least $100 billion a year in 2015 and 2016 to support fossil fuel consumption
    at home and abroad.

    Shelagh Whitley, lead author of the study and head of ODI's climate unit, told Thomson Reuters Fund: "Governments often claim that there are no public resources to support the clean energy transition
    .
    What we're trying to do is highlight those resources that are out there, but are being used
    inefficiently.

    Whitley added: "The G7 has committed to phasing out fossil fuel subsidies, but they don't have any accountability regime to deliver on their commitments
    .
    They don't have a roadmap or plan
    .

    The report reviews and scores each country based on indicators such as transparency and commitment, as well as progress
    towards ending the use, support and production of fossil fuels.

    France ranked highest, with 63 points on a 100-point scale, followed by Germany with 62 points, Canada with 54 points and the United Kingdom with 47 points
    , the report said.

    Due to U.
    S.
    support for fossil fuel production and withdrawal from the 2015 global deal to combat climate change, the U.
    S.
    scored the lowest at just 42
    .

    The 2015 Paris Climate Agreement commits countries to curb greenhouse gas emissions and keep global temperature rise at 2°C
    compared to the pre-industrial era.

    The UK scored the lowest for transparency because it denied that the government provided fossil fuel subsidies, although it supported tax breaks
    for oil and gas exploration in the North Sea, the report said.

    "We do not subsidize the production or consumption
    of fossil fuels.
    " A spokesman for the UK Treasury told
    the Thomson Reuters Foundation in an email.
    "As part of our commitment to the G20 and G7, we are supporting other countries to phase out fossil fuel subsidies
    .
    "

    The study, co-authored by Oil Change International, the International Institute for Sustainable Development and the Natural Resources Defense Council, urges G7 governments to develop concrete plans to meet their commitment
    to end fossil fuel subsidies by 2025.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.