Paris Climate Talks – Fossil Fuel Subsidies Called “Absurd”

 

 

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“A price on carbon and fossil fuel subsidies are two opposing forces.”  — Fatih Birol, Executive Director, International Energy Agency  Credit: IISD

At the “Fossil Fuel Subsidies and Climate Change” side event last evening a range of energy experts said continuing to pour  hundreds of billions of dollars of public money into subsidizing fossil fuels was “absurd”, “incoherent”, “unacceptable” and more.

Only 3% of Fossil Fuel Subsidies reaches the poorest 20% of households, said Felipe Calderón, Chair, Global Commission on Economy and Climate.  As often claimed these subsidies do not help poor families nor improve energy access he said.

A few more comments and some startling facts:

The carbon price in Europe is approximately US$10, yet incentives for fossil fuel use, equate to a global average of US$110 per tonne of carbon…an “absurd situation” …

— Fatih Birol, Executive Director, International Energy Association (IEA)

Each hour, US$8 million is spent on Fossil Fuel Subsidies

–Scott Vaughan, President, IISD

 Fossil Fuel Subsidies amount to five times the global annual climate finance commitment of US$100 billion.

— Børge Brende, Minister of Foreign Affairs, Norway

…partial phase out of Fossil Fuel Subsidies would generate 12 percent of the global abatement needed by 2020 to achieve a 2ºC pathway.

— Doris Leuthard, Head, Federal Department of Environment, Transport, Energy and Communications, Switzerland

First published on the Climate News Mosaic Paris Climate Talks Live Blog available here:

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