Measurement and Testing
How Much Does the G7 Spend on Fossil Fuel Subsidies?
Jun 20 2018 Read 694 Times
Fronted by the world's richest countries, the Group of Seven (G7) has serious sway when it comes to global economic governance. The formidable group of industrialised countries represents more than 62% of the world's global net wealth, as well as almost 50% of global gross domestic product.
While the recent G7 summit placed a heightened focus on combating climate change, a new report issued by the Overseas Development Institute has revealed that the richest economies on the planet subsidise their oil, gas and coal use to the tune of more than US$100 billion a year.
G7 slammed for ignoring climate change commitments
After tracking fossil fuel subsidies during 2015 and 2016, the authors found that together, the G7 nations of Canada, France, Germany, Italy, Japan, America and the United Kingdom channel at least US$81 billion into the global fossil fuel industry, accompanied by a further US$20 billion in public finances.
The report was highly critical of the investments, noting that such priorities don't align with Paris Agreement targets, including pledges to phase out fossil fuel subsidies by 2025. With less than seven years left on the deadline, the current US$100 billion a year figure doesn't indicate progress.
“Not only have G7 governments taken limited action to address fossil fuel subsidies but they have also failed to put in place any mechanisms to define and document the full extent of their support to oil, gas and coal, or to hold themselves accountable for achieving these pledges,” reads the report.
USA fails to perform
All members of the G7 were issued with individual scorecards ranking factors like climate change commitments, transparency and fossil fuel policies. France was crowned the top performer, with an overall score of 63 out of 100. The USA was awarded the wooden spoon, garnering just 42 out of 100 points. In fact, America currently supports the fossil fuel industry with subsidies of roughly US$26 billion a year.
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