The world’s leading economies more than doubled

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  • 25 Jun 2019 12:00 AM
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G20 Coal Subsidies Rise Despite Climate Pledges, Say Energy Researchers

Despite promising a decade ago to phase out fossil fuel subsidies, the world’s leading economies more than doubled subsidies to coal-fired power plants over three years, putting climate goals at risk, energy researchers have said. Between 2014 and 2017, G20 governments more than halved direct support for coal mining, from $22 billion to about $10 billion on average each year, according to a report by the London-based think-tank, the Overseas Development Institute (ODI). Over the same period they boosted backing for coal-fired power plants – particularly supporting construction of the plants in other, often poorer nations – from $17 billion to $47 billion a year, the report noted. China and Japan – which will host a G20 summit later this week – were the biggest providers of public finance for coal-fired power, followed by South Korea and India. While spending from national budgets on coal fell, as did tax breaks for it, other forms of support – from development finance institutions, export-credit agencies and state-owned enterprises – soared, the report said.

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