The World’s Biggest Governments Are Still Propping up Fossil Fuels

the worlds biggest governments are still propping up fossil fuels

Sumary of The World’s Biggest Governments Are Still Propping up Fossil Fuels:

  • Two things helped lower these subsidies: a sharp drop in consumption during the pandemic, and a significant drop in prices.
  • Article content In a new report to the Net Zero Asset Owner Alliance, my colleagues at BloombergNEF have added up fossil fuel support from the G-20 governments.
  • Their work shows that support to state-owned energy companies — often their countries’ sole energy supplier — constitutes 45% of total fossil fuel subsidies, while consumer subsidies are a little over 21%.
  • In the five years from 2015 to 2019, G-20 governments provided $3.3 trillion of direct support to coal, oil and gas, and fossil fuel-fired power generation.
  • Those amounts don’t track particularly well to the underlying cost of energy.
  • Over that same five years, the spot price of Brent crude swung from less than $30 a barrel to nearly $90. This lack of alignment indicates that the connection between near-term energy prices and long-term support for energy is loose at best.
  • Article content That’s not to say there’s been no progress at all in reducing support for fossil fuels in the G-20. Saudi Arabia, for instance, has cut its total support for fossil fuels by half since 2015 — but still provides nearly three times as much per capita as any other government.
  • Fully half of those governments have supported fossil fuels less since 2015 — but then again, the law of averages means that at least some of the remaining half have raised theirs.

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