UK joins coalition to phase out fossil fuel subsidies
The UK has joined a cross-country group as UN climate negotiations continue in Azerbaijan.
The UK has joined an international coalition to phase out fossil fuel subsidies as negotiations continue at the UN climate summit Cop29 in Azerbaijan.
A total of 16 countries are now part of the Coalition on Phasing Out Fossil Fuel Incentives (Coffis), which aims to develop national action strategies, remove barriers and facilitate transparency to stop payments linked to oil and gas exploration and production.
Removing these subsidies is seen as a key step towards wider commitments on transitioning away from fossil fuels in energy systems agreed by countries at Cop28 in Dubai last year.
World governments previously pledged to phase out inefficient fossil fuel incentives but implementation of these commitments has been slow, with subsidies calculated as reaching a record 1.5 trillion US dollars globally in 2022.
Speaking from Cop29, UK Energy Secretary Ed Miliband said: “Our mission is to make the UK a clean energy superpower, getting off the rollercoaster of international fossil fuels and switching to homegrown energy in the hands of the British people.
“By joining the Coalition on Phasing Out Fossil Fuel Incentives Including Subsidies, we are showing the UK is back in the climate business and committed to working with partners to tackle this generational crisis.”
The coalition, which was launched by the Netherlands at Cop28 in Dubai last year, was established to accelerate the phase-out of domestic fossil fuel subsidies and encourage international cooperation to help maintain a level playing field between countries.
By phasing out financial support for fossil fuels, it is thought countries can create room in national budgets to finance the clean energy transition.
Concerns over backsliding on the Cop28 fossil fuel commitment in this year’s negotiations remain following backlash from some oil-rich nations.
Speaking at a Cop29 press conference on Tuesday, Sophie Hermans, Dutch minister of climate policy and green growth, said: “None of this is easy.
“I recognise that phasing out fossil fuels is a sensitive and very complex issue, which affects economies, industries and communities around the world.
“However, we must reaffirm our commitment to sustainable energy and to building resilient, low-carbon economies.”
Patricia Fuller, president of the International Institute for Sustainable Development (IISD) said: “Shifting public financial flows from fossil fuels to clean energy will be critical to implement the COP 28 decision to transition away from fossil fuels.
“As a secretariat of the coalition, IISD will continue to promote global best practice in fossil fuel subsidies phase out and support its members in reaching this objective.”
The coalition now has 16 member countries, including Austria, the federal government of Antigua and Barbuda, Belgium, Canada, Colombia, Costa Rica, Denmark, Finland, France, Ireland, Luxemburg, the Netherlands, New Zealand, Spain, Switzerland, and the United Kingdom.
