G20 Nations Spending $63.9 Billion Annually On Coal Subsidies for a Fading Industry

Posted on: Tue, 2019-06-25 - 21:24 By: admin

Days before representatives of the G20 meet in Japan, a new report has been published by the Overseas Development Institute, or ODI, which reveals these nations are spending at least $63.9 billion on coal annually.

The new ODI report, G20 coal subsidies: Tracking government support to a fading industry, finds that G20 nations are supporting coal domestically and internationally to the tune of $63.9 billion each year, despite committing in 2009 to phase out fossil fuel subsidies. “It has now been ten years since the G20 committed to phasing out subsidies to fossil fuels, yet astonishingly some governments are actually increasing the amount they give to coal power plants,” said lead author Ipek Gençsü, Research Fellow at ODI.

Specifically, the report finds that G20 governments are supporting coal to the tune of $27.6 billion annually in domestic and international public financing, $15.4 billion in fiscal support, and $20.9 billion in state-owned enterprise (SOE) investments.

Yes, you'd have thought they'd actually be pumping money into R&D and subsidies on growing the newer, cheaper and greener alternatives... If it's not economics driving the energy industry II certainly hope its not the lobbying industry at the taxpayers' expense...

See #^https://cleantechnica.com/2019/06/25/g20-nations-spending-63-9-billion-annually-on-coal-subsidies/

#coal #energy
#^G20 Nations Spending $63.9 Billion Annually On Coal Subsidies

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Days before representatives of the G20 meet in Japan, a new report has been published by the Overseas Development Institute, or ODI, which reveals these nations are spending at least $63.9 billion on coal annually. 

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