European Commission Tightens The Noose On Fossil Fuel Subsidies

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A recent news article published in the Ship and Bunker news states that European commission Puts Fossil Fuel Subsidies Under Spotlight.

Phasing out fossil fuel subsidies

The European Commission wants to increase scrutiny of whether countries are phasing out fossil fuel subsidies fast enough to meet climate goals, under EU rules due this year, Reuters reports.

EU countries spent EUR 56 billion on fossil fuel subsidies in 2019, with 15 states spending more on fossil fuels than green energy, the European Court of Auditors said in a report on Monday .

EU’s target to reduce net emissions 

The Commission has said such support must end, since they undermine policies to tackle climate change, including the EU’s target to reduce net emissions 55% by 2030 from 1990 levels.

The commission favours supporting green projects, such as clean fuel, over more polluting choices.

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Source: Ship and Bunker

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