Home > Environment > World Bank: ditch fossil fuel subsidies to address climate change | guardian.co.uk

World Bank: ditch fossil fuel subsidies to address climate change | guardian.co.uk

Leaked World Bank documents propose that rich countries should eliminate the $50bn a year they give in fossil fuel subsidies, in order to financially help poor countries address climate change.

The documents, due to be presented to the G20 finance ministers in November, also suggest that countries redirect “climate aid” money already pledged, towards the propping up ailing carbon markets.

The Mobilizing Climate Finance paper, seen in draft form by the Guardian, has been prepared at the request of the world’s leading economies. It is likely to provide a template for action in the UN climate talks that resume in Panama next week, in preparation for a major meeting of 194 countries in Durban in November.

Read more here: World Bank: ditch fossil fuel subsidies to address climate change | Environment | guardian.co.uk.

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