The world’s continued reliance on fossil fuels is not compatible with climate targets, and risks not meeting our mitigation goals. However, governments around the world continue to provide domestic subsidies and international financing for extraction and use of fossil fuels. While some governments have pledged to phase out fossil fuel financing, their commitments have often been vague, without clear timelines and milestones for action.
At five-year intervals, the Global Stocktake (GST) will review collective efforts to increase climate ambition within the multilateral climate change negotiation process. As government subsidies and financing for fossil fuels were not explicitly included in the Paris Agreement due to political challenges, the GST could provide an opportunity to raise awareness and encourage ambition on their phase-out. It can do so by offering a platform for countries to collaborate on increased transparency, on subsidy reform pathways, and on just transition and equity considerations.
This publication from the Finance Working Group of the independent Global Stocktake (iGST) outlines seven ways in which the GST could and should strengthen ambition for phase-out of government financing for fossil fuel.
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Seven ways the Global Stocktake can accelerate the phase-out of fossil fuel finance
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