What's next?

📣We call for a COP decision referencing the urgent need to phase out fossil fuel subsidies and requiring countries to submit phase-out plans.

bsky.app/profile/stop...

📄The report also features a Catalogue tool of initiatives, concepts and best practices (as suggested in the submissions to the Roadmap).

The Coalition on Phasing Out Fossil Fuel Incentives Including Subsidies is listed as well (we suggested it 😉) @energy.iisd.org

www.iisd.org/coffis

At the national level, harmful subsidies could
be repurposed toward climate-resilient and low-carbon practices. (p. 78)

Financing nature remains challenging due to entrenched market failures: ... harmful subsidies continue to incentivize degradation. The Kunming-Montreal Global Biodiversity Framework provides... targets to eliminate USD 500 billion in harmful subsidies... (p. 74)

Country-led and country-owned coordination mechanisms can improve conditions for investment [...] (e.g., [...] reviews of environmentally harmful subsidies—with safeguards for vulnerable groups—and gradually redirecting the resulting fiscal savings). (p. 48)

Reference to IPCC: "The IPCC recommended the following policy options can have important long-term
catalytic benefits: [...] (vii) economic instruments, such as phasing in carbon pricing and phasing out fossil fuel subsidies in a way that addresses equity and access" (p. 14)

"Redirecting environmentally damaging subsidies toward sustainable practices can further protect ecosystems, cut input costs, and strengthen food security." (p. 12)

❓Why is this report important?

💰After the debacle at COP29 last year, countries set up this roadmap to discuss ways to reach 1.3 trillion USD in climate finance per year by 2035. The current goal is300 billion USD.

The report will feed into the COP negotiations

www.carbonbrief.org/cop30-what-d...

📣Find here our advocacy toolkit on how to get an ambitious result in Belém:

stopfossilsubsidies.eu/wp-content/u...

@caneurope.org

👉 stopfossilsubsidies.eu/coffis-obser...
👉 gofund.me/3d702117a

⏰These countries are late in their submissions!

Antigua and Barbuda
Canada
Costa Rica
Denmark
Finland
Luxembourg
Spain

The Climate Week in New York could be a good moment to show their commitment to phasing out fossil subsidies.