G7 Fossil Fuel Subsidy Scorecard

Other factors driving the transition from oil and gas could be the fall in demand for fossil fuels for plastics production, and significant disruption in the transport sector – now the biggest source of greenhouse gas emissions in Europe and the US (Vaughan, 2018; Transport and Environment, 2016; EIA, 2018). [...] On average per year in 2015 and 2016 the G7 governments gave at least $81 billion in fiscal support and $20 billion in public finance, for both production and consumption of oil, gas and coal at home and overseas (figures 2 and 3; and Annex 2 for the country-by- country breakdown). [...] We also find that only three of the G7 governments (Germany, Italy and the US) have completed or committed to undertake a peer review of their fossil fuel subsidies as part of the G20 process.4 These gaps in transparency are supported by the Organisation for Economic Co-operation and Development (OECD) analysis of support for fossil fuels, which is updated annually and includes information for all [...] Recommendation 6 The G7 should lead by example within other fossil fuel subsidy phase-out processes including through the G20 and APEC, and through the targets and indicators of the SDGs and the Nationally Determined Contributions (NDCs) under the UNFCCC. [...] Overview Overview Canada has shown leadership by being the only G7 country to reform fiscal support for fossil fuel exploration since the end of 2016 (through changes to the Canadian Exploration Expense [CEE] Claims), and one of only two G7 members, alongside the United States (US), to reform fiscal support for oil and The UK is performing relatively poorly in comparison to other G7 countries in t