UK and EU to ban fossil fuel project subsidies

SGGP 10/31/2023 06:40

Britain and the European Union (EU) are expected to push the world's richest countries to end subsidies for foreign oil, gas and coal extraction at a meeting of the Organisation for Economic Cooperation and Development (OECD) in Paris next month.

Sources from UK Export Finance said Canada has pledged to support the UK proposal and looks forward to working with like-minded partners at the OECD and other international forums to develop and promote clean economies around the world.

The EU also submitted its proposal after member states agreed on a draft proposal last month.

The EU is currently working to end subsidies for oil, gas and coal. The European Commission (EC) said that total fossil fuel subsidies in the EU increased sharply during the energy crisis in 2022, reaching nearly $130 billion.

Source: https://www.sggp.org.vn/anh-va-eu-se-cam-tro-cap-du-an-nhien-lieu-hoa-thach-post712101.html