Countries make joint statement on shifting fossil fuel subsidies towards renewable energy at COP28
“Today’s announcement from the Netherlands, United Kingdom, Canada and many of their peers is a disappointment. At a time when we need rich country leaders to concretely expand their past ambition to secure a fair deal, these ministers are just regurgitating promises and initiatives that are now more than a decade old and have been so ineffective that fossil fuel handouts and profits continue to reach record levels.”
FOR IMMEDIATE RELEASE
Contact:
Nicole Rodel, Oil Change International – nicole@priceofoil.org
Countries make joint statement on shifting fossil fuel subsidies towards renewable energy at COP28
Dubai, December 4 — Minutes ago, the Netherlands, Canada, Denmark, Finland, Belgium, Austria, Spain, and Antigua and Barbuda among others announced a new joint ministerial statement on transparency, action, and dialogue towards shifting fossil fuel subsidies and international support towards renewable energy and energy efficiency,
In response, Bronwen Tucker, Global Public Finance lead at Oil Change International, said:
“We have never been closer to an agreement on a fossil fuel phaseout, but a lack of concrete commitments from rich countries to pay their fair share on fair terms to make this possible internationally is putting this historic milestone in jeopardy. Both the language in the Global Stocktake and announcements made on the sidelines of the UN climate talks towards this are more important than ever.”
“That is why today’s announcement from the Netherlands, Canada and many of their peers is a disappointment. At a time when we need rich country leaders to concretely expand their past ambition to secure a fair deal, these ministers are just regurgitating promises and initiatives that are now more than a decade old and have been so ineffective that fossil fuel handouts and profits continue to reach record levels. There is more than enough public money for rich countries to provide the urgently needed support for climate action internationally, they just lack political courage. The steps to do so are clear: defund the bad, fund the good, and change international rules to ensure this can happen.”
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