Subsidies given to fossil fuel companies are a “disgrace” and must be immediately ended, Greta Thunberg, the Swedish climate activist, has told a US congressional committee. Fossil fuel phase-out is the gradual reduction of the use of fossil fuels to zero. Global oil demand is expected to decline in 2020 as the impact of the new coronavirus (COVID-19) spreads around the world, constricting travel and broader economic activity, according to the International Energy Agency’s latest oil market forecast.. Jacinda Ardern's government pushes to scrap tariffs on vaccines, pause new fossil fuel subsidies By political editor Andrew Probyn Posted 24 m minutes ago Tue Tuesday 18 … Rep. Ro Khanna of renewables-embracing California, the head of the subcommittee, wants quicker action from Biden to end fossil fuel subsidies as part of a plan to rebuild U.S. infrastructure. The situation remains fluid, creating an extraordinary degree of uncertainty over what the full global impact of the virus will be. It is part of the ongoing renewable energy transition.Current efforts in fossil fuel phase-out involve replacing fossil fuels with sustainable energy sources in sectors such as transport, and heating.Alternatives to fossil fuels include electrification, hydrogen and aviation biofuel Fossil fuels are of great importance because they can be burned (oxidized to carbon dioxide and water), producing significant amounts of energy per unit mass.The use of coal as a fuel predates recorded history. Fossil fuel subsidies essentially function as a negative carbon price, reducing the cost of developing fossil fuels – so not only are their true costs being shifted onto the poor via climate and health impacts, but the fossil fuel industry is actually being paid for this privilege. Greta Thunberg, the 18-year-old Swedish climate activist, called fossil fuel subsidies a "disgrace" before a House committee hearing on Thursday. The 18-year-old testified virtually at … Swedish climate activist Greta Thunberg urged Congress to end fossil fuel subsidies, calling tax breaks for the oil and gas industry "a disgrace." Despite this success, these fossil fuel companies receive billions in tax breaks and subsidies annually, undermining the nation’s ability to invest in renewable energy sources and damaging our environment. Annual fossil fuel subsidies were valued at $5.2 trillion in 2017, equal to 6.5% of the global economy, according to the International Monetary Fund. Khanna asked Thunberg if it would be a "gut punch" to environmentalists if fossil fuel subsidies were not eliminated in Biden's current $2.3 plan … The End Oil and Gas Tax Subsidies Act would eliminate 11 of these provisions in the tax code that unfairly benefit oil and gas companies. "We have to end fossil-fuel subsidies, stop new exploration and extraction, completely divest from fossil fuels and keep the carbon in the ground, now," Thunberg said on Thursday. We, the undersigned, call on governments around the world to adopt and implement a Fossil Fuel Non-Proliferation Treaty, as a matter of urgency, to protect the lives and livelihoods of present and future generations through a global, equitable phase out of fossil fuels in line with the scientific consensus to not exceed 1.5ºC of warming. Tesla Inc has suspended the use of bitcoin to purchase vehicles, Chief Executive Officer Elon Musk said in a tweet on Wednesday, citing concerns about the use of fossil fuel for bitcoin mining. The IMF found that more efficient fossil fuel pricing in 2015 would have cut carbon emissions by 28%. "We have to end fossil-fuel subsidies, stop new exploration and extraction, completely divest from fossil fuels and keep the carbon in the ground, now," Thunberg said on Thursday. View in Spanish | View in French.
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