Rising oil and gas prices have complicated the climate pledge made by the G-20 some 14 years ago.
have long been baked into government tax codes. They grant energy producers credits and deductions on their expenses to lower production costs. It is an intricate system that Biden administration officials are still working to unravel, U.S. special climate envoy John F. Kerry said.
called “implicit subsidies,” essentially the environmental costs of air pollution and climate damage from fossil fuels that producers and consumers aren’t required to pay.Large economies have squandered trust by spending so much on fossil fuels, rather than helping other countries or expediting their own shift to cleaner energy, said Michai Robertson, senior adviser on finance at the Alliance of Small Island States.“There was an impetus to have a massive green revolution.
Many of those nations are G-20 member states. And that group alone is responsible for 78 percent of the world’s planet-warming emissions, according to research released this month by the British charity Oxfam.and a former top diplomat for Mexico and, said the lack of progress has been shameful for G-20 countries. She blamed the gridlock on powerful political pushback from citizens and lobbying from oil interests.An official at the American Petroleum Institute, the industry’s largest U.S.
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