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G20 Leaders Agree to Phase Out Fossil Fuel Subsidies

Green Car Congress

This reform will not apply to our support for clean energy, renewables, and technologies that dramatically reduce greenhouse gas emissions. As we do that, we recognize the importance of providing those in need with essential energy services, including through the use of targeted cash transfers and other appropriate mechanisms.

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PwC analysis finds meeting 2 C warming target would require “unprecedented and sustained” reductions over four decades

Green Car Congress

However, the report warns that while it may “buy some time”, it reduces the incentive for investment in lower carbon technologies such as nuclear and renewables, and could lock in emerging economies with high energy demand to a dependence on fossil fuels. Other G20 (Australia, Korea, EU, South Africa, Saudi Arabia, Argentina).