CAN EUROPE'S LATEST TAKE ON THE ISSUE
NEW REPORT OUT:
Phase-out 2020: Monitoring Europe’s fossil fuel subsidies
September 28th, CAN Europe together with the Overseas Development Institute and Green Budget Germany, published a report on subsidies to fossil fuels in Europe. It focused on EU-level subsidies for fossil fuels, through its policies and mechanisms, as well as national fossil fuel subsidies of the following countries: Czech Republic, France, Germany, Greece, Hungary, Italy, Netherlands, Poland, Spain, Sweden and the United Kingdom. Together these 11 European countries represent 83% of energy related GHG emissions.
The report entitled Phase-Out 2020: Monitoring Europe’s fossil fuel subsidies, aims to raise awareness among European, national decision-makers and the general audience about the huge amounts of subsidies still going to fossil fuel activities in Europe, despite the multiple pledges to comply with the Paris Agreement.
It found that every year between 2014-2016, the EU provided an annual average of €4bn in fossil fuel subsidies through its budget, development and investment banks and funds. The growing support for gas, and the continued provision of support for coal-fired power, are particularly concerning.
The findings come despite European governments and the EU pledging to phase out fossil fuel subsidies by 2020 and committing to phase out emissions from fossil fuels by the second half of this century as part of the Paris Agreement.
Other findings include:
- After transport, industry and business received the most government support, benefitting from just less than €15bn per year
- Subsidies continue to be provided for fossil fuel exploration, with the UK and France providing €253 million per year in public finance between 2014-16 on finding new resources
The report makes a series of recommendations urging European governments and EU institutions to:
- Lead the G7 and G20 by meeting their commitment to phase-out fossil fuel subsidies by 2020
- Increase transparency through a publicly-disclosed and consistent annual reporting scheme
- Ensure mechanisms supporting energy transition do not support fossil fuel production and consumption;
- Target any remaining subsidies to supporting workers and communities to move away from fossil fuels
CLICK HERE TO VIEW THE REPORT and all it's different related documents: Executive Summary, Main Report, EU Brief, Country studies and all the related infographics. You can also view the press release here.
The report was launched at a press conference in Brussels on Thursday 28th and was live streamed (you can view the video by clicking here. You can also view a short explanation of the report by one of the main authors from ODI in the followingvideo
MEDIA and CSO coverage here
Help us spread the word as much as possible on social media and elsewhere!
#PhaseOut2020, #FossilFuelSubsidies, #FossilFuels, #StopFundingFossils
CLICK HERE TO VIEW ALL THE MEDIA COVERAGE OF PHASE-OUT 2020 REPORT
- E&E: 2 global lenders say trillions needed for adaptation: "The heads of the World Bank and the International Monetary Fund issued clarion calls Friday to address climate change and help countries rebuild from natural disasters. (...) Also on Friday, IMF Managing Director Christine Lagarde pressed world leaders to stop subsidizing fossil fuels. (...) IMF researchers estimated fossil fuel subsidies in 2015 reached $5.3 trillion, roughly 7 percent of the world economy at the time. Lagarde said governments in power are in good position to cut fossil fuel subsidies, since commodity prices are so low. "We have the opportunity to reduce and eliminate these subsidies at a more reasonable cost," she told a full auditorium. "Some of you have done it, it can be done, it must be done." "
- Development and Cooperation: No time to rest on laurels “If policy is set to continue in the direction towards decarbonisation, renewable energy and reduced subsidies for fossil fuels, we will achieve an important sub-goal.”
- Reuters: Shunning fossil fuels, 40 Catholic groups seek climate action
- Canada and the United Kingdom announce a global alliance on coal phase-out