Global investors, insurers urge G20 to end fossil fuel subsidies

New Delhi: Global investors and insurers with more than $742 billion in assets under management on Wednesday urged the G20 to end fossil fuel subsidies by 2020, warning about the severe risks this continued government support brings to the financial sector.

The group of nine investors, including Aviva and Sarasin & Partners, have signed a joint statement calling for G20 governments, meeting in Argentina this week, to set a concrete timeline to end all forms of government support to fossil fuels by no later than 2020.

Indian Prime Minister Narendra Modi will be taking part in the 13th G20 meeting in Buenos Aires during which he will have several bilateral meetings, including with Chinese President Xi Jinping. In a statement to IANS, investors warn that continued government support for fossil fuel increases the risk of creating stranded assets within the energy sector and can also decrease the competitiveness of key industries, including low-carbon businesses.

New research published on Wednesday shows some G20 governments have made progress in shifting support away from fossil fuels and increasing taxation of fossil fuels. (IANS)

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