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illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:
🗞️ Driving the news: A Greenpeace report reveals that G7 nations have increased fossil fuel subsidies despite pledging to phase them out by 2025
• In 2023, subsidies rose by 15% since 2016, reaching $1.36 trillion (€1.32 trillion), with only Canada reducing its spending
• The US led with $790 billion (€765 bn) in subsidies, followed by Japan and Germany
🔭 The context: The G7—comprising Canada, France, Germany, Italy, Japan, the UK, and the US—committed in 2016 to eliminate fossil fuel subsidies
• However, instead of reducing financial support, most member nations have significantly increased their subsidies, with Italy seeing the largest jump (166%)
• Germany provided the highest additional amount, increasing subsidies by $37.4 billion (€36 bn) since 2016
🌍 Why it matters for the planet: Continued fossil fuel subsidies hinder the transition to clean energy by keeping fossil fuels artificially cheap and reducing the competitiveness of renewables
• This contradicts the Paris Agreement goals and prolongs global dependence on high-emission energy sources
• Experts consider eliminating these subsidies one of the most cost-effective climate actions
⏭️ What's next: While the German government has identified ways to reduce climate-harmful subsidies, the decision will depend on the next administration
• France, Italy, and the UK have yet to comment on their plans
• Greenpeace urges governments to redirect funds from fossil fuels to a sustainable energy transition
💬 One quote: “It’s now 2025 – the year has started with devastating climate calamities – and they aren’t just missing that target; they’ve increased the public spending on climate-wrecking fuels.” — Virag Kaufer, Greenpeace climate and energy lead
📈 One stat: Fossil fuel subsidies among G7 nations reached a record $1.36 trillion (€1.32 trillion) in 2023, up 15% from 2016
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