The EU and all its Member States have repeatedly pledged to end “inefficient fossil fuel subsidies” since 2009 while “encouraging all countries to do so” by 2025 at both the G20 and the UNFCCC. At COP26, parties to the UNFCCC committed to phase out inefficient fossil fuel subsidies for the first time and 34 countries, of which 12 EU Member States, pledged to end their international public finance for fossil fuel energy projects. The G7 Climate, Energy and Environment Ministers reiterated the commitment to phase out “inefficient” fossil fuel subsidies in a 2024 Communiqué ahead of the G7 Summit of June 2024.
However, these commitments are still falling short on implementation, as the EU and its Member States are failing to walk the talk: instead of a gradual decline of fossil fuel subsidies, the latter is in fact on the rise, putting in jeopardy the goal of hitting the 2025 deadline.
Read the full briefing on the rising EU fossil fuel subsidies.
Author: OLIVIER VARDAKOULIAS, Economist / Finance and Subsidies Coordinator at Climate Action Network Europe
