Posted on: 07/06/2016
The G7 group of industrialised nations has agreed to end the vast majority of fossil fuel subsidies by 2025.
Meeting in Japan, the leaders of Canada, France, Germany, Italy, Japan, the UK and the United States – along with the European Union – called on other signatories to the Paris Agreement to follow their lead over the same timescale.
“We are committed to phasing out inefficient fossil fuel subsidies that encourage wasteful consumption, and encourage all countries to do so by 2025,” they said.
“Given the fact that energy production and use account for around two-thirds of global greenhouse gas emissions, we recognise the crucial role that the energy sector has to play in combating climate change.”
Natural gas expansion
The energy communique added: “We support development of new technologies and expanded uses for natural gas as a less carbon-intensive fossil fuel, including in the transportation sector.
“We emphasise that all production, processing, distribution and use of natural gas should be conducted so as to minimise releases of methane, in light of methane’s high potency as a greenhouse gas.
“In those countries that opt to do so, shale and other unconventional gas should be developed within an adequate regulatory and environmental framework.”
> Read the full energy communique