fossil fuel economy News

  • Biggest economies still backing fossil fuels

    The governments of the world’s major industrialized countries, the G20 group, are providing more than US$450 billion a year to support the production of fossil fuels. That is almost four times the entire world’s subsidies to the rapidly growing renewable energy sector, as the International Energy Agency (IEA) estimates total global renewables subsidies in 2013 at ...


    By Climate News Network

  • Fossil Fuel Subsidies Hamper Pathway to Inclusive Green Economy, Experts Say

    Fossil fuel subsidies are contributing to fiscal instability and undermining governments' efforts to combat serious economic and environmental challenges, such as climate change, and the transition to an inclusive green economy, according to experts. "Reforming Fossil Fuel Subsidies for an Inclusive Green Economy" is the theme of the two-day event co-organized by UNEP, IMF, GIZ and the ...

  • OECD and IEA recommend reforming fossil-fuel subsidies to improve the economy and the environment

    Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels. Removing inefficient subsidies would raise national revenues and reduce greenhouse-gas emissions, according to OECD and IEA analyses. The G-20 Leaders in 2009 agreed to phase out subsidies that "encourage wasteful consumption, reduce our energy security, impede ...


    By International Energy Agency

  • LEGO takes large step to move away from fossil fuel economy

    LEGO Group, the company behind the iconic LEGO building block, announced that the familiar toy we all grew up with will be changing for the better. The company publicized details last week of their plans to phase plastic out of their products by 2030. The plans call for major investment in research and ...


    By Earth Day Network

  • High-risk fossil fuel boom

    The most direct path to America's newest big oil and gas fields is U.S. Highway 12, two lanes of blacktop that unfold from Grays Harbor in Washington State and head east across the top of the country to Detroit. The 2,500-mile route has quickly become an essential supply line for the energy industry. With astonishing speed, U.S. oil companies, Canadian pipeline builders, and investors from all ...


    By GLOBE Foundation

  • Fossil fuel investments cost major funds billions

    Corporate Knights, together with 350.org and South Pole Group, has launched the Clean Capitalist Decarbonizer, an interactive tool that allows users to determine the financial impact of divesting from carbon heavy companies. ...


    By GLOBE Foundation

  • Fossil fuel divestment is a $5 trillion challenge

    Oil, gas and coal companies make up one of the world’s largest liquid asset classes, with a combined stock market valuation of nearly $5trn. In the past two years, dozens of public and private institutions have announced plans to divest their fossil fuel holdings because of environmental concerns, ethical investment strategies, or worries that assets might become “stranded” by ...


    By Bloomberg New Energy Finance

  • Fossil fuel and renewable energy subsidies on the rise

    Total subsidies for renewable energy stood at $66 billion in 2010, but are still dwarfed by the total value of global fossil fuel subsidies estimated at between $775 billion and more than $1 trillion in 2012, according to new research conducted by the Worldwatch Institute (www.worldwatch.org) for its Vital Signs Online service. Although the total subsidies for renewable ...


    By Worldwatch Institute

  • IEA calls for end to fossil fuel subsidies

    The chief economist of the International Energy Agency (IEA) has urged the world to slash hundreds of billions of dollars of fossil fuel subsidies or face the prospect of a catastrophic 3.5 degrees Centigrade rise in global temperatures. "Today $409 billion equivalent of fossil fuels subsidies are in place which encourage developing countries - where the bulk of the energy demand and CO2 ...


    By GLOBE Foundation

  • Fossil fuel firms fail to report climate risks

    Fossil fuel companies operating in the UK are accused by a financial monitoring group of a “staggering” disregard for their obligation to acknowledge the risks which climate change poses to them and their investors. An alliance of non-governmental organisations says the situation is so serious that there should be intervention by the UK Financial Reporting ...


    By Climate News Network

  • Climate meeting to discuss future of fossil fuels

    After concluding that global warming almost certainly is man-made and poses a grave threat to humanity, the U.N.-sponsored expert panel on climate change is moving on to the next phase: what to do about it. The Intergovernmental Panel on Climate Change, or IPCC, will meet next week in Berlin to chart ways in which the world can curb the greenhouse gas emissions that scientists say are overheating ...


    By Associated Press

  • Denmark to become fossil fuel-free by 2050

    According to the Danish climate commission, Denmark could become fossil fuel-free by 2050, at a net cost of just US$2.95 billion. The report that sets the fossil fuel free goal makes the case for investing an amount equivalent to 0.5% of the country's annual GDP in renewable energy. The climate commission claims that prices of fossil fuels will rise over the next four decades, while renewables ...


    By GLOBE Foundation

  • Renewable energy will grow - but fossil fuels will still dominate

    World marketed energy consumption grows 49 percent between 2007 and 2035, driven by economic growth in the developing nations of the world, according to the Reference case projection from the International Energy Outlook 2010 (IEO2010) released today by the U.S. Energy Information Administration (EIA). The global economic recession that began in 2007 and continued into 2009 has had a profound ...


    By GLOBE Foundation

  • Fossil Fuel Development in the Arctic is a Bad Investment

    By Emily E. Adams Even master chess players can miss a great move when they have been primed to look for a different one. To explore this phenomenon, researchers tracked master chess players’ eye movements when given chessboards with different layouts. With the first board, players could reach checkmate using a familiar move. When given the second chessboard, the players' eyes kept looking ...


    By Earth Policy Institute

  • Investors opt out of fossil fuels as climate summit nears

    A worldwide movement aimed at encouraging institutions and individuals to turn their backs on fossil fuel investment and so head off serious climate change is on a roll. Altogether more than 430 investment firms and companies, and over 2,000 individuals, have so far pledged to withdraw investments from fossil fuels. That adds up to US$2.6 trillion in assets, says a ...


    By Climate News Network

  • End fossil fuel subsidies now, says OECD and IEA

    Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels. Removing inefficient subsidies would raise national revenues and reduce greenhouse-gas emissions, according to OECD and IEA analyses. The G-20 Leaders in 2009 agreed to phase out subsidies that "encourage wasteful consumption, reduce our energy security, impede ...


    By GLOBE Foundation

  • Obama calls out fossil fuel interests for fighting solar

    President Barack Obama on Monday accused fossil fuel interests and other critics of his energy policies of trying to restrict consumers from accessing solar, wind and other renewable sources in order to protect the status quo. "That's not the American way," Obama said in a speech at a green energy conference in Las Vegas. "This is about the ...


    By Associated Press

  • Renewable energy now cheaper than new fossil fuels in Australia

    Unsubsidized renewable energy is now cheaper than electricity from new-build coal- and gas-fired power stations in Australia, according to new analysis from research firm Bloomberg New Energy Finance. This new ranking of Australia's energy resources is the product of BNEF's Sydney analysis team, which comprehensively modelled the cost of generating electricity in Australia from different sources. ...


    By GLOBE Foundation

  • `Sunset Credits` may help eliminate fossil fuel subsidies

    Michael Liebreich, chief executive of Bloomberg New Energy Finance, has published a white paper outlining an innovative approach that might help governments retire fossil fuel subsidies, while at the same time helping to spur the creation of clean energy markets. The approach, which he dubs "Sunset Credits" acknowledges the difficulty of eliminating subsidies without engendering popular unrest, ...


    By GLOBE Foundation

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