Comprehensive Report on Fossil Fuel Subsidies Released
Climate Scorecard Report Showing Billions Spent to Support Fossil Fuel Industries in Leading Greenhouse Gas Emitting Countries
FOR IMMEDIATE RELEASE
JANUARY 2, 2018
MILTON, MA – Subsidies contribute to global warming caused by Fossil Fuel generated CO 2 emissions, and to atmospheric pollution that has been linked to increases in respiratory illnesses and other diseases. Yet all countries surveyed have some type of subsidy, typically in the billions of dollars per year range.
In Report #16, Climate Scorecard summarizes recent annual Fossil Fuel Subsidies and policies of the 20-leading greenhouse gas emitting countries. They range in magnitude from $60.9 billion (Saudi Arabia) to $667 million (South Korea). It should be noted that many countries, e.g. China and Turkey, do not make available information on the full amount of their fossil fuel subsidies.
Fossil fuel subsidies take many different forms including: direct support for both national and international exploration of new sources of oil, coal and natural gas; tax breaks and exemptions; concessional loans to fossil fuel producers; and subsidization of consumer energy prices. Subsidies have the effect of artificially lowering the cost of fossil fuel energy, and giving fossil fuel companies a competitive advantage over renewable energy providers. They represent a drain on government revenue and a poor use of taxpayer money.
There is now a worldwide movement to end fossil fuel subsidies. The G7 countries (UK, US, Canada, France, Germany, Italy, Japan and the EU) have pledged to end fossil fuel subsidies by 2025. The G20 nations also have called for the termination of all such subsidies, though have yet to set a target date for doing so.
Contact policymakers at national, provincial, state and local levels of your government and urge them to take steps to comply with the call by the G7 and G20 countries to end all fossil fuel subsidies by the year 2025—or sooner. NGOs should engage in campaigns to end all government subsidies to fossil fuel corporations.
To read the report, visit the Climate Scorecard website and share on Twitter.
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?Climate Scorecard is a coordination of efforts by non-profit organizations The Global Citizens’ Initiative and EarthAction. Climate Scorecard extends their mission focuses to environmental protection and citizen engagement. For more information visit climatescorecard.org For media inquiries, contact Kristin Hope at [email protected]
Kristin Hope [email protected]
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