The winds are getting stronger

The G7 nations have put forth a landmark pledge to end oil and gas subsidies by 2025. At the summit in Japan, they declared that these types of subsidies were “inefficient”, and since commodity prices continue to fall, subsidies are as well. The updated pledge builds on plans put forth in 2009, which until now, were lacking a concrete timeline. Since the World Bank recommended ending subsides for fossil fuels and bringing in a carbon tax, the financial writing has been on the wall, making the move not only beneficial to the environment, but also most nation’s economic future.  There is some criticism, chiefly being that 2020 would be a more serious and decisive goal (also in keeping with commitments made in Paris), but the announcement is an important move towards carbon neutral economy by 2050.

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