Despite climate pledges, G20 coal subsidies rise

(Reuters, London, 24 June 2019) 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 said Tuesday. 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 Overseas Development Institute (ODI), a think tank. But 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. 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. Four countries alone, the UK, France, Canada and Ireland have all formally recognised a climate crisis but analysis shows they give $27.5bn annually in support for coal, oil and gas, much of it via ECAs.