The report points out that the $ 88 billion in exploration subsidies is almost double what the International Energy Agency (IEA) estimates is needed annually to provide electricity and heat for all by 2030. It recommends that phasing out exploration subsidies should be the first step of meeting the G20 governments existing commitments to phase out all inefficient fossil fuel subsidies.
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- The report identifies three types of exploration subsidies: investment by state-owned enterprises represents around $ 49 billion; national subsidies delivered through direct spending and tax breaks account for another $ 23 billion; and public finance from banks and financial institutions another $ 16 billion per year.
- The G20 Leaders’ Summit was held on 15-16 November 2014 in Brisbane, Australia.
- The 2009 commitment to phase out inefficient subsidies for oil and other fossil fuels was backed by all G20 countries, and reiterated in Saint Petersburg in 2013.
- Global fossil fuel subsidies – of which exploration is just one portion – are estimated to be $ 775 billion a year.