Civil society organisations join forces to call for G20 to end fossil fuel subsidies by 2020
28 June 2016, Brussels - More than 200 civil society organizations have joined together to urge G20 governments to commit to end fossil fuel subsidies by 2020. The statement comes ahead of this week’s meeting of the G20 energy ministers – including the US – discussing investments in sustainable energy.
A recent assessment found that G20 governments are spending $444 billion every year on support to fossil fuel production via national subsidies ($70 billion), investments by state-owned enterprises ($286 billion) and public finance ($88 billion).  The report shows that subsidies are locking in longlived, high-emitting infrastructure and unlocking new fossil fuel reserves. This is at the very time that we need to be investing public resources into alternatives to fossil fuels, and in spite of the recognition that we will need to keep 80% or more of existing fossil fuel reserves in the ground if we hope to avoid the worst impacts of climate change. Public finance continues to drive the climate crisis, while, by contrast, the cost of renewables is falling, and the investment returns on public support are better.
Civil society organizations therefore urge G20 members to take the decisive steps towards ending fossil fuel subsidies outlined in this statement, with the key action being the establishment of an ambitious 2020 deadline for the phase out of subsidies, in order to drive sustained and scaled-up action in the coming years.
To read our full statement, please click here.
Last updated on 25 July 2016
- 28062016 - G20 Fossil Fuel Subsidies Sign-on Statement (PDF – 163.9 kb)