NZ wants fossil fuel subsidies to stop

Help to stop governments subsiding fossil fuels is sought from the World Trade Organisation (WTO) by trade minister David Parker.

“Each year, governments are spending at least $425 billion subsidising the production and sale of coal, oil, gas and other greenhouse gas emitting fuels… We want to change this,” Parker says, according to Stuff reports.

Parker gave a ministerial statement on stopping the subsidies to the WTO at a conference in Argentina.

“We seek the rationalisation and phase out of inefficient fossil fuel subsidies that encourage wasteful consumption, and encourage the international community to join us in those efforts,” Parker says.

“Phasing out fossil fuel subsidies will offer huge opportunities for promotion of sustainable development, renewable energy, removal of trade distortions and the reduction of global warming.”
Twelve other nations endorsed that stand.

Greenhouse gases cause human-influenced climate change, expected to result in drastic damage to food production, coastlines, and weather.

“We want to change this…This money could be better used to pursue other development goals or invest in the renewable energy sector,” Parker says.

His statement recognised that some developing nations may find a full removal of subsidies harder than others.

Former prime minister John Key called for a stop to fossil fuel subsidies at the Paris summit in 2015.