The case against subsidies for fossil fuels to free up investments
Cutting subsidies for fossil fuels and transitioning to a low carbon economy is viable and attainable according to a recent report by he Climate Policy Initiative.
The Vancouver Observer has recently published an article suggesting that a new report released by the Overseas Development Institute where it encourages G20 countries to “stop subsidising wasteful and inefficient fossil fuel extraction and use, and to move towards more sustainable sources of long-term economic growth”
The aforementioned report, titled Moving to a Low Carbon Economy by the Climate Policy Initiative, provides with great insights and specifically blames Governments since they “own over half of global fossil fuel production and control as much as 70% of oil and gas production through companies that are wholly or majority owned by governments.”
Implementing this transition is not only benefical for the environment and future generations but it is also viable economically wihtout a major sacrifice to the overall economy, as it is demonstrated in the Climate Policy Initiative paper.
To access the Climate Policy Initiative document, please follow the link