EU should pave the way for G20 fossil fuel subsidy phase-out
(EurActiv, 19 Apr 2017) The EU must step up and lead the push for the world’s big economies to end fossil fuel subsidies, writes Maeve McLynn.
Maeve McLynn is finance and subsidies policy coordinator at Climate Action Network Europe.
On 20-21 April, finance ministers from the world’s 20 most powerful economies will gather in Washington for their annual meeting, to discuss our international financial system, including key aspects to ensure global financial stability.
G20 countries have woken up to the importance of broadening the scope of the discussions to include issues related to climate change. Topics such as green finance and investment, fossil fuel subsidies and climate risk are regular agenda items at G20 meetings. While such an evolution looks encouraging, action remains inadequate.
Counter to economic logic and climate urgency, money is still being pumped into fossil fuels.