It’s time for rich countries to stop wasting money on fossil fuels

The document criticizes G7 nations for continuing to provide approximately $100 billion annually in fossil fuel subsidies despite commitments to phase them out since 2009. It highlights the contradiction between these subsidies and the goals of the Paris Agreement and carbon pricing, specifically citing Canada's recent investment in oil pipeline nationalization to increase tar sand exports.

• G7 countries provide approximately $100 billion per year in subsidies for the production and consumption of fossil fuels, a sum that equals the annual amount developed countries pledged under the Paris Agreement to support poor countries' transitions to cleaner energy.
• Canada recently spent CAN$4.5 billion to nationalize a pipeline to boost oil exports from Alberta's tar sands, an extraction method that saw financing increase by 111% in 2017.
• The continued provision of pollution subsidies by governments interested in carbon pricing contradicts the 'polluter pays principle', encourages further pollution, and creates a fossil fuel lock-in.
• Except for Germany, all European G7 countries have announced dates for phasing out coal.

APA

Dufrasne, G. (2018). It’s time for rich countries to stop wasting money on fossil fuels. Carbon Market Watch. https://carbonmarketwatch.org/2018/06/07/its-time-for-rich-countries-to-stop-wasting-money-on-fossil-fuels/

Chicago

Dufrasne, Gilles. It’s time for rich countries to stop wasting money on fossil fuels. Carbon Market Watch, 2018. https://carbonmarketwatch.org/2018/06/07/its-time-for-rich-countries-to-stop-wasting-money-on-fossil-fuels/.

Wikipedia

{{cite press release |last1=Dufrasne |first1=Gilles |title=It’s time for rich countries to stop wasting money on fossil fuels |publisher=Carbon Market Watch |date=7 June 2018 |url=https://carbonmarketwatch.org/2018/06/07/its-time-for-rich-countries-to-stop-wasting-money-on-fossil-fuels/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{dufrasne2018its, author = {Dufrasne, Gilles}, title = {{It’s time for rich countries to stop wasting money on fossil fuels}}, publisher = {Carbon Market Watch}, year = {2018}, month = jun, url = {https://carbonmarketwatch.org/2018/06/07/its-time-for-rich-countries-to-stop-wasting-money-on-fossil-fuels/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }