Climate Governance Integrity

Fossil Fuel Subsidies Written by : Andra Vitola Koranteng Fossil fuel subsidies are universal around the world, based on the approximate calculation by the international organizations roughly global value of global fossil fuel subsidies are between US$325 billion and US$5300 billion per year.  Aside from the harmful impacts that these subsidies do to the environment, fossil fuel subsidies are as well economically inefficient. Economically this money can be used on other priorities like health and education.  As for the environment, fossil fuels are the primary source of greenhouse gas emissions and prevent the shift towards clean energy. These fossil subsidies are weakening the competitiveness of renewable energy.  Issues regarding fossil fuel subsidies have been an essential point on the G20 agenda since the 2009 Summit in Pittsburg during this summit G20 leaders pledge dedication to “rationalize and phase out over the medium term inefficient fossil fuel subsidies that encourage waste

G20 Fossil Fuels Subsidies Written by : Andra Vitola Koranteng G20 countries supposedly are encouraged to pay attention to their internal policies and measures in a systemic way as well experts are supposed to help with learning from the previous lessons so that countries can achieve efficient awareness about the environmental, social, and economic impact of their fiscal policy. [ 1 ]  However, gradually eliminating fossil fuel subsidies have been one of the hardest things to do. Since 2009, G20 countries have continuously agreed over and over to pledge to reduce fossil fuel at every summit. Yet, in reality, progress has been very little, or it has backslid. A recent report shows that G20 countries provided $147 billion in subsidies to coal, oil, and gas in 2016. [ 2 ]  Fossil fuel subsidies benefit wealthier households that use more fuel and energy, but it's unproductive to support low-income households. Instead of spending money to support coal, oil, and gas, this money can be u