The fossil fuel industry benefits from subsidies of $11m every minute, according to analysis by the International Monetary Fund. The IMF found the production and burning of coal, oil and gas was subsidised by $5.9tn in 2020, with not a single country pricing all its fuels sufficiently to reflect their full supply and environmental costs.
A key challenge facing many resource-rich low- and middle-income economies is how to mobilize and effectively use volatile revenues from resource extraction, while addressing the social and environmental externalities of mining activities, such as groundwater contamination, acid mine drainage, and methane leaks from oil and gas operations. Green fiscal policies have the potential to raise revenue from the extractives sector while addressing its negative impacts.
More than two thousand leading scientists and academics have called on world leaders to commit to a new fossil fuel ‘non-proliferation treaty’, committing to urgently phase out the use of coal, gas and oil in response to the emerging threats posed by climate change.
The European Commission recently proposed an EU-wide minimum tax rate for polluting aviation fuels such as kerosene to reduce CO2 emissions by 55% by 2030.
To meet climate targets and avoid economic collapse, countries such as Iraq need international support in the transition to clean energy
Fossil fuel and mining companies would contribute billions toward conservation programs under a new proposal in the United States Congress.
Denmark and Costa Rica are trying to forge an alliance of countries willing to fix a date to phase out oil and gas production and to stop giving permits for new exploration, government ministers said and documents showed.
From 2023 to 2028, a carbon tax will be applied, at slowly increasing levels, to coal, liquified petroleum gas, fuel oil, petcoke and gas, in a move expected to cover about 80 percent of Israel’s greenhouse gas emissions.
The EU is due to propose the biggest revamp of its Emissions Trading System since the policy launched in 2005. Already the world’s largest carbon trading program, the ETS is
As calls to end government subsidies of fossil fuels grow in intensity, a new report finds that Canadian governments have allocated billions of taxpayer dollars to building and expanding new pipelines in the past year alone.
Across Italy, France, Portugal and Spain, at least €8.3bn of EU recovery funds are planned to be spent on hydrogen and renewable gases thanks to lobbying from the fossil-fuel industry.