11/30/2015 Paris Climate Change Conference opens with unprecedented call by governments and businesses to end fossil fuel subsidiesRead NowAn unprecedented coalition of close to 40 governments, hundreds of businesses and influential international organisations has called for accelerated action to phase out fossil fuel subsidies, a move that would help bridge the gap to keep global temperature rise below 2°C.On the opening day of the UN Conference on Climate Change (COP21), New Zealand Prime Minister John Key formally presented the Fossil Fuel Subsidy Reform Communiquéto Christiana Figueres, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), on behalf of the Friends of Fossil Fuel Subsidy Reform, The Prince of Wales’s Corporate Leaders Group and other supporters of the Communiqué. The Communiqué calls on the international community to increase efforts to phase out perverse subsidies to fossil fuels by promoting policy transparency, ambitious reform and targeted support for the poorest. Governments spend over $500 billion of public resources a year to keep domestic prices for oil, gas and coal artificially low. Removing fossil fuel subsidies would reduce greenhouse gas emission by 10 per cent by 2050. It would also free up resources to invest in social and physical capital like education, healthcare and infrastructure, while leveling the playing field for renewable energy. John Key, Prime Minister of New Zealand, said: “Fossil fuel subsidy reform is the missing piece of the climate change puzzle. It’s estimated that more than a third of global carbon emissions, between 1980 and 2010, were driven by fossil fuel subsidies. Their elimination would represent one seventh of the effort needed to achieve our target of ensuring global temperatures do not rise by more than 2°C. As with any subsidy reform, change will take courage and strong political will, but with oil prices at record lows and the global focus on a low carbon future – the timing for this reform has never been better.” Close to 40 countries have endorsed the Fossil Fuel Subsidy Reform Communiqué, including Canada, Chile, France, Germany, Italy, Malaysia, Mexico, Morocco, Peru, the Netherlands, the Philippines, Samoa, the United Kingdom, the United States, Uganda and Uruguay. Eliminating fossil fuel subsidies can accelerate the economic shift needed to tackle climate change and remove one of the obstacles to delivering the low-carbon future COP21 is aiming for.
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