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To World Leaders at Rio+20:
Fossil fuel subsidies drive climate change, drain public resources, and make it virtually impossible for clean energy sources to compete in the market. They must end.
Last year alone, over $500 billion was given to some of the richest corporations on the planet to promote fossil fuel extraction and use. Recently, 53 countries have made specific commitments to phase out fossil fuel subsidies in the coming years, but little progress has been made in key countries to create policy and change laws to streamline this process.
We need a binding international commitment to end fossil fuel subsidies around the world.
Rio+20 offers an opportunity for world leaders to come together to determine the future of sustainable development on our planet. It will be impossible to usher in the green economy with fossil fuel subsidies hampering the progress of clean energy technologies.
As EU Climate Commissioner Connie Hedegaard said, “We must internationally get the pricing right. The way we measure GDP today… we must take care that there is a price attached to harming the common environment. One place to start would be to phase out fossil fuel subsidies.”
We call on you to create a plan to phase out perverse fossil fuel subsidies at Rio+20.