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Fossil fuel subsidies 'are reckless'

2013-11-07 03:51:00| Climate Ark Climate Change & Global Warming Newsfeed

BBC: The world is spending half a trillion dollars on fossil fuel subsidies every year, according to a new report. The Overseas Development Institute (ODI) says rich countries are spending seven times more supporting coal, oil and gas than they are on helping poorer nations fight climate change. Some countries including Egypt, Morocco and Pakistan, have subsidies bigger than the national fiscal deficit. The new report calls on the G20 to phase out the payments by 2020. While there is no globally agreed...

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