G20 Leaders Agree to Phase Out “Inefficient” Fossil Fuel Subsidies

Earlier this month, G20 leaders meeting in St Petersburg, Russia decided to phase out the use of HFCs.  This got a lot of attention (at least among green media), and rightfully so.  However, another big decision made in St Petersburg seems to have bypassed most radars.  The G20 leaders also agreed to phase out “inefficient” fossil fuel subsidies.  Such a move would cut approximately $500 billion in annual governmental expenditures while also reducing greenhouse gas emissions (compared to business-as-usual emission projections) 10% by 2050.

G20 Leaders Agree to Phase Out “Inefficient” Fossil Fuel Subsidies