Key leads move against fossil fuel subsidies at Paris climate summit
A communiqué signed by nearly 40 countries has been presented to the UN Climate Change Conference in Paris.
Prime Minister John Key has presented an appeal by nearly 40 countries calling for the removal of inefficient fossil fuel subsidies.
The Friends of Fossil Subsidy Reform Communiqué was presented to the executive secretary of the UN Framework Convention on Climate Change (UNFCCC), Christiana Figueres, at the UN Climate Change Conference in Paris.
“Phasing out fossil fuel subsidies is absolutely vital if the world is to succeed in substantially reducing emissions,” Mr Key says. “Research shows phasing out these subsidies could reduce greenhouse gas emissions by as much as 10%.
“Countries subsidised fossil fuels to the tune of $US500 billion in 2014. These subsidies have the perverse effect of encouraging businesses and consumers to burn more fossil fuel and create more emissions.”
Countries endorsing the communiqué include France, Germany, Italy, Mexico, Morocco, the Netherlands, Samoa, the UK, the US and Uruguay.
Thousands of businesses are also supporting it under the leadership of the Prince of Wales Corporate Leaders’ Group, and the We Mean Business Coalition.
New Zealand businesses and organisations endorsing the communiqué include Business New Zealand, NZ International Business Forum, NZ Shippers Council, the Auckland Chamber of Commerce, Mighty River Power [NZX: MRP] and Fonterra [NZX: FCG].
• Meanwhile, a group calling itself the Climate Action Network has awarded a "fossil of the day" award to Mr Key, saying New Zealand's subsidies to the oil and gas industry include tax breaks for exploration ships and research grants.
UPDATED for Climate Action Network response
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Nevil Gibson
Tue, 01 Dec 2015
Tue, 01 Dec 2015
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Key leads move against fossil fuel subsidies at Paris climate summit
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