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G20 Leaders Agree to Phase Out Fossil Fuel Subsidies

Green Car Congress

The Organization for Economic Cooperation and Development (OECD) and the IEA have found that eliminating fossil fuel subsidies by 2020 would reduce global greenhouse gas emissions in 2050 by ten percent. This reform will not apply to our support for clean energy, renewables, and technologies that dramatically reduce greenhouse gas emissions.

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PwC analysis finds meeting 2 C warming target would require “unprecedented and sustained” reductions over four decades

Green Car Congress

The new reality is a much more challenging future in terms of planning, financing and predictability. Examining the role of shale gas, PwC’s report suggests that at current rates of consumption, replacing 10% of global oil and coal consumption with gas could deliver emissions savings of around 3% a year (1gt CO 2 e per annum).