Ahead of the Group of 20 Summit being held Sept. 4-5 in Hangzhou, China, three European insurance companies called on the governments to phase out fossil fuel subsidies by 2020.
“To catalyze real progress on phasing out fossil fuel subsidies, the 2016 G20 communique should include clear language that … sets a clear timeline for the full and equitable phase-out by all G20 members of all fossil fuel subsidies by 2020, starting with the elimination of all subsidies for fossil fuel exploration and coal production,” according to a joint statement released Tuesday by insurance companies Aviva plc, Aegon NV, and MS Amlin, as well as the Institute and Faculty of Actuaries and Open Energi.
The United Kingdom-based Overseas Development Institute (ODI) has determined that G20 nations spend roughly $444 billion annually supporting fossil fuel production through subsidies, investments by state-owned enterprises, and public finance. “We’re calling on governments to kick away these carbon crutches, reveal the true impact to society of fossil fuels and take into account the price we will pay in the future for relying on them,” Aviva CEO Mark Wilson said in an ODI release.
