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G7 leaders set 2025 deadline to phase out fossil fuel subsidies

2016-05-27 11:19:00| Climate Ark Climate Change & Global Warming Newsfeed

Climate Home: Subsidies for oil, gas and coal should be history in under a decade, leaders from the Group of Seven (G7) nations declared in a statement on Friday after two days of talks in Japan. An estimated US$5.3 trillion a year is spent by governments worldwide supporting the fossil fuel sector, according to the International Monetary Fund. That runs against the spirit of the UNs new Paris Agreement on climate change, say environmental groups, which specifically calls for funds to be redirected towards...

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