by Alex Kirby
LONDON, 5 June, 2015 ? Developed countries should rapidly end subsidies for fossil fuels, says a group established to argue for equitable and sustainable development for Africa.
The Africa Progress Panel (APP), chaired by the Nobel laureate and former UN secretary-general Kofi Annan, says the G20 countries should set a timetable for phasing out the payments, with a ban on exploration and production subsidies as soon as 2018.
“Many rich country governments tell us they want a climate deal, but at the same time billions of dollars of taxpayers’ money are subsidising the discovery of new coal, oil and gas reserves,” Mr Annan said. “They should be pricing carbon out of the market through taxation, not subsidising a climate catastrophe.”