To phase out fossil fuels, the G7 must stop subsidising them

The We Mean Business Coalition calls on G7 leaders to eliminate fossil fuel subsidies by 2025 or sooner, redirecting the over $80 billion spent in 2021 toward renewables and energy efficiency to accelerate the clean energy transition and avoid significant global GDP losses.

• G7 fossil fuel subsidies exceeded $80 billion in 2021. While G7 energy ministers aim to eliminate these subsidies by 2025 or sooner, they have not yet provided a detailed plan on how to achieve this.
• The document asserts that clean energy investments could increase global GDP by 4% by 2030, whereas delaying climate action is projected to reduce global GDP by 14%, or $23 trillion, by 2050.
• To achieve net zero by 2050, investment in clean energy must be nine times higher than investment in fossil fuels by the year 2030.
• The author argues that repurposing subsidies is necessary for industrial competitiveness, as companies increasingly choose locations based on access to affordable and reliable renewable energy to meet emissions targets.

APA

Mendiluce, M. (2023). To phase out fossil fuels, the G7 must stop subsidising them. We Mean Business Coalition. https://www.wemeanbusinesscoalition.org/blog/to-phase-out-fossil-fuels-the-g7-must-stop-subsidising-them/

Chicago

Mendiluce, Mra. To phase out fossil fuels, the G7 must stop subsidising them. We Mean Business Coalition, 2023. https://www.wemeanbusinesscoalition.org/blog/to-phase-out-fossil-fuels-the-g7-must-stop-subsidising-them/.

Wikipedia

{{cite press release |last1=Mendiluce |first1=Mra |title=To phase out fossil fuels, the G7 must stop subsidising them |publisher=We Mean Business Coalition |date=21 April 2023 |url=https://www.wemeanbusinesscoalition.org/blog/to-phase-out-fossil-fuels-the-g7-must-stop-subsidising-them/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{mendiluce2023phase, author = {Mendiluce, Mra}, title = {{To phase out fossil fuels, the G7 must stop subsidising them}}, publisher = {We Mean Business Coalition}, year = {2023}, month = apr, url = {https://www.wemeanbusinesscoalition.org/blog/to-phase-out-fossil-fuels-the-g7-must-stop-subsidising-them/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }