« Back to Publications

G20 agrees to phase out fossil fuel subsidies

Queensland defying Brisbane’s recent G20 agreement

‘The world’s largest economies agreed in Brisbane to phase out subsidies for oil and other carbon dioxide-spewing fossil fuels in the “medium term” as part of efforts to combat global warming. … Some $300 billion a year is spent worldwide to subsidize fuel prices, boosting demand in many nations by keeping prices artificially low and, thus, leading to more emissions. The agreement was backed by all of the G20 including Russia, India and China .

‘Eliminating such subsidies by 2020 would reduce greenhouse gas emissions blamed for global warming by 10 percent by 2050, leaders said, citing data from the International Energy Agency and the Organization for Economic Cooperation and Development.

The statement from the G20, comprised of major rich and emerging economies, said energy and finance ministers would develop timeframes and strategies for implementing the subsidies phase-out and report back at the next G20 summit.’

The TJRyan Foundation does not guarantee the accuracy, currency or completeness of any information or material available on this website. The TJRyan Foundation reserves the right to change information or material on this website at any time without notice. Links from this site to external, non-TJRyan Foundation websites should not be construed as implying any relationship with and/or endorsement of the external site or its content by the TJR Foundation, nor any commercial relationship with the owners of any external site. Should any TJRyan research project be funded by an individual or organisation the source of funding will be stated beside the research report. In all other cases contributions are provided on a pro bono basis.
Receive the latest news

Subscribe To Our Newsletter

Get notified about new articles

This field is for validation purposes and should be left unchanged.