In a report published with its inventory of the support they enjoy, the OECD says this is hampering global efforts to curb greenhouse gas (GHG) emissions and combat climate change.
The report describes the burning of fossil fuels as “a leading contributor to climate change” and warns against complacency, saying global GHG emissions are “still largely above the levels required for limiting average expected temperature increases” to safe levels. It says the fuels also “make mitigation more costly than necessary”.
Government support for the consumption and production of the main fossil fuels – coal, oil and gas – in OECD countries and key emerging economies is running at US$160-200 billion annually, the OECD says.
The inventory reviews almost 800 spending programmes and tax breaks which are used by governments in the 34 OECD countries and six key emerging G20 economies (Brazil, China, India, Indonesia, Russia and South Africa) to encourage the consumption or production of fossil fuels.
Dual support
These include measures that cut prices for consumers and those that lower the exploration and exploitation costs for oil and gas companies.
“The time is ripe for countries to demonstrate they are serious about combating climate change, and reforming harmful fossil fuel support is a good place to start”, says OECD secretary-general Angel Gurría.
“Governments are spending almost twice as much money supporting fossil fuels as is needed to meet the climate finance objectives set by the international community, which call for mobilizing US$100 bn a year by 2020.
Read more at OECD Urges End to Policies Which Support Fossil Fuels
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