From international financial institutions to our individual investment portfolios, every dollar we keep out of the hands of the fossil fuel industry is one less dollar fueling climate destruction. And every dollar we can reinvest in renewable energy is a dollar that goes toward solutions -- providing power to people across the world and ending our reliance on fossil fuels.
In 2009, leaders of the world’s largest economies committed to phasing out government fossil fuel subsidies at the G20 summit. Seven years later, we’re still waiting for this commitment to become a reality. Despite the pledge to end fossil fuel funding, G20 governments spend $444 billion a year on subsidizing fossil fuel production. To put that number in context, that’s more than four times global government investment in renewable energy. It’s time for G20 nations to set a firm timeline to phase out funding for fossil fuels.
Tell President Obama and G20 leaders: Commit to phasing out all fossil fuel subsidies by 2020!
World leaders meet at the G20 Summit in 2014.