Downing Street is re-emerging as a climate leader at this year’s UN climate summit. And not before time.
Having already committed £15million to developing new green technologies to help the world meet its Global Cooling Pledge, and increased the speed of domestic decarbonisation, Britain has now added its signature to a 16 member-strong movement of countries pushing back against fossil fuel subsidies.
Launched by the Netherlands at COP28 last year, the Coalition on Phasing Out Fossil Fuel Incentives already includes Austria, Antigua and Barbuda, Belgium, Canada, Costa Rica, Denmark, Finland, France, Ireland, Luxembourg, Spain and Switzerland. The UK joined yesterday, Tuesday 19th November, in Baku Azerbaijan.
‘The UK’s decision to join this coalition is another indication that British climate diplomacy is finally coming out of its slumber after several dormant years under the Tories. Further collaboration around tackling fossil fuel subsidies can only be a good thing,’ said Greenpeace UK’s Senior Political Advisor, Rebecca Newsom.
‘But given G7 and G20 leaders have repeatedly signed statements over many years to tackle this issue, now is the time for real action,’ she continued. ‘UK fossil fuel production subsidies are worth billions every year. These should be redirected immediately, alongside extra taxes on the fossil fuel industry, to unlock cash to deliver on the UK’s climate finance obligation to support developing countries.’
According to the International Monetary Fund, around $7trillion – or 7% of global GDP — was spent on subsidising the oil and gas industry in 2022 alone. This represented a $2trillion increase on 2020, despite the global community being largely united in the understanding that heavy-polluting fuels must be removed from the world economy in order to slow global warming and climate change.
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