G7 countries are in the early stages of an energy transition including a shift away from the production and consumption of fossil fuels. This transition is being driven by decarbonization objectives and policies, as well as a sharp reduction in the cost of clean technologies. In acknowledgement of this, every year since 2009 the G7 and G20 have committed to phase out fossil fuel subsidies, in line with related commitments under the Sustainable Development Goals and the Paris Agreement. However, this report indicates that with less than seven years to meet their 2025 phase-out deadline, G7 governments continue to provide substantial support to the production and use of oil, gas and coal. On average per year in 2015 and 2016, G7 governments gave at least USD 81 billion in fiscal support and USD 20 billion in public finance, for both production and consumption of oil, gas and coal at home and overseas. The report is available to download on the IISD website.
August 15, 2018
April 25, 2017