Between 2014 and 2017, G20 governments more than halved direct support for coal mining, from $22 billion to about $10 billion on average each year, according to a report by the London-based Overseas Development Institute , a think tank.
While spending from national budgets on coal fell, as did tax breaks for it, other forms of support – from development finance institutions, export-credit agencies and state-owned enterprises – soared, the report said. To meet an internationally agreed goal of holding rising global temperatures to well below 2 degrees Celsius above pre-industrial times, coal power will need to be phased out between 2030 and 2050, according to the Powering Past Coal Alliance.
But governments are also helping support coal companies that are no longer financially viable, often to ensure a stable baseline of power to complement fluctuating renewable energies such as wind and solar, Gencsu said. Also, quickly slashing subsidies without easing the burden on people’s budgets can lead to political unrest, as France found out last year when it raised fuel taxes, spurring the “yellow vest” protest movement, Kelman said.
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