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G20

總資產超過2.8萬億美元的投資者們共同呼籲:G20國家必須在2020年前移除化石燃料補貼

 

今年2/15,管理資產超過2.8兆美元的投資者和保險公司在G20於德國波恩的會議之前,共同呼籲G20在2020年前逐步移除化石燃料補貼,以加快綠色投資的步伐,降低氣候風險。

目的是為將於今年7月在德國漢堡舉辦的G20高峰會做準備,希望各國將氣候行動納入重點議程。

 

荷蘭基金和資產管理公司ACTIAM的一位投資者寫道:

「我們希望能夠實現能源轉型,以獲得清潔且負擔得起、安全可靠的能源。對煤炭、石油及天然氣的生產補貼阻礙了《巴黎協議》:196個國家一致同意將全球溫升限制在1.5℃以內,最大不得超過2℃。」

當週早些時候,由全球補貼計畫和海外發展研究所發佈的研究顯示,終結化石燃料生產補貼的效益,相當於消除全球航空業的所有排放。

 

以下是完整的聲明:

「G20國家必須逐步引導,將補貼及公共財政從化石燃料產業中移除,並加速綠色投資的步伐,降低氣候風險。我們作為代表管理超過2.8兆美元資產的投資者和保險業之代表,呼籲G20國家明訂移除化石燃料補貼的期限。從投資者的角度,我們歡迎G7國家對於2025年前完全移除所有化石燃料補貼之承諾。去年,《巴黎協議》的生效、G20國家對綠色金融的關注以及48個極具脆弱性的國家於2050年實現百分之百再生能源的承諾⋯⋯均是因應氣候變遷進程中一個又一個的里程碑。我們認為,此這一趨勢為G20國家提供了獨特的機會和責任,以實際行動來實踐終結化石燃料補貼之承諾。」

 

對於金融部門來說,支持化石燃料生產和消費的補貼及公共財政是關鍵的考量。它們增加了化石燃料資產擱置的風險,降低了低碳企業等關鍵行業的競爭力,並抵消了我們之中許多人所呼籲的碳價格信號。從經濟角度來看,它們的效率也十分之低。化石燃料補貼為政府預算造成重大負擔。最富有的消費者將從中受益,而不能滿足缺乏能源資源的族群對能源的需求,從而造成永久的收入不平等。此外,化石燃料補貼還會增加空氣污染,從而損害公共健康。

 

採取行動終止對化石燃料的補貼和公共財政支出將成為G20國家實現它們在2016年G20杭州高峰會中所提出的若干目標的關鍵,包括:

  • 增強金融體系動員私人資本開展綠色投資的能力
  • 構建運轉良好、開放、競爭、高效、穩定和透明的能源市場,塑造一個負擔得起、可靠、低溫室氣體排放和可持續的能源未來
  • 實現永續發展,以強力的支持和行動來因應氣候變遷,並及時履行《巴黎協議》

 

G20所委託氣候相關財務披露工作組(TCFD)的建議將進一步支持上述努力。在評估轉型風險的暴露因素時,TCFD的指導方針可就化石燃料補貼影響以及移除化石燃料可能將對報告機構的業務和運營有哪些影響等方面提出建議。實際上,TCFD已經建議最易受轉型風險影響的機構(如以化石燃料為主的行業)應審視補貼或稅收可能會引起的直接具體影響,並進行深度情景分析。

 

為了推動「逐步移除化石燃料補貼」這一承諾的實際進展,德國G20高峰會公報應包括如下清晰的語言:

  • 所有G20成員國都應設定2020年前完全移除所有化石燃料補貼的明確時間表,首先應從移除對化石燃料勘探及煤炭生產的所有補貼開始
  • 設定2020年前公共財政對本國和國際的煤炭、石油及天然氣生產補貼之清晰的時間表
  • G20所有國家均應承諾在2018年底前完成化石燃料補貼之同行評審,此一舉措已由中美兩國於2016年率先完成

 

這些清晰的時間表和指導意見將成為G20國家每年以固定且公開的格式披露化石燃料補貼的基礎。基於OECD國家詳盡追蹤其農業補貼的模式,擴大OECD國家化石燃料補貼的清單,有助於進一步提高透明度。G20還可幫助OECD國家加強G20國家大部分公立金融機構和國有企業對化石燃料的投融資報告之透明度。

 

G20國家上述堅定承諾對投資者至關重要,因為我們力求管控低碳經濟轉型中所將會遭到的轉型風險。這將有助於引導私人投資至我們所希望的清潔能源未來。

 

 

G20 Must Phase Out fossil fuel Subsidies by 2020

Call by Investors With More Than $2.8 Trillion in Assets

Investors and insurers with more than $2.8 trillion in assets under management on  Feb.15th Wednesday called on the group of G20 economies to phase out fossil fuel subsidies by 2020 in order to accelerate green investment and reduce climate risk.

The call came just before a G20 Foreign Ministers Meeting in Bonn, to prepare for a Summit in Hamburg in July. Germany has the Presidency of the group in 2017, and is making climate action a key focus of its Presidency.

One of the investors, the Dutch fund and asset manager ACTIAM, wrote:

“[We] want to achieve an energy transition to clean, affordable and secure energy. Subsidies to coal, oil and gas production hinder the historical Paris agreement, in which 196 countries agreed to limit global temperature rise to 1.5 or maximum 2 degrees.”

 

 

Research launched earlier this week by the Global Subsidies Initiative and the Overseas Development Institute found that ending subsidies to global fossil fuel production would be equivalent to eliminating all of the emissions from the global aviation sector.

Here is the full statement:

“G20 governments must lead in phasing out subsidies and public finance for fossil fuels – to accelerate green investment and reduce climate risk.

We – representing investors and insurers with more than $2.8 trillion in assets under management – urge G20 governments to establish a deadline for the phase out of fossil fuel subsidies and public finance for fossil fuels at the 2017 G20 Summit in Hamburg, Germany.

As concerned investors, we were heartened by the G7 called for all governments to phase out fossil fuel subsidies by 2025. Last year also saw major milestones in the fight against climate change, notably the entry into force of the Paris Agreement, the focus on green finance by the G20, and the commitment by 48 of the most vulnerable countries to achieve 100% renewable energy by 2050. We believe this momentum provides the G20 with a unique opportunity – and responsibility – to finally deliver on their repeated pledge to end fossil fuel subsidies.”

 

 

Subsidies and public finance supporting the production and consumption of fossil fuels are a key concern to the finance sector.They increase the risk of stranded fossil fuel assets, decrease the competitiveness of key industries, including low‐carbon businesses, and negate the carbon price signals many of us have been calling for. They are also notoriously inefficient from an economics standpoint. They create a significant burden on government budgets, perpetuate income inequality by benefiting the richest consumers while failing to meet the energy needs of those lacking energy access, and damage public health by increasing air pollution.

 

 

Taking action to end subsidies and public finance for fossil fuels will be key for the G20 in meeting a number of the objectives set out in the communique from their meeting in Hangzhou, China in 2016 including:

  • enhancing the ability of the financial system to mobilize private capital for green investment,
  • building well-functioning, open, competitive, efficient, stable and transparent energy markets, and shaping an affordable, reliable, sustainable and low greenhouse gas (GHG) emissions energy future, and
  • achieving sustainable development and strong and effective support and actions to address climate change, and the timely implementation of the Paris agreement.

 

These efforts can be further supported by the recommendations of G20 commissioned Task Force on Climate-related Financial Disclosures (TCFD). In their recommendations on factors to consider when evaluating the exposure to transition risk, the TCFD guidelines could suggest the consideration of the impact of fossil fuel subsidies, and what their likely removal would mean for the reporting organization’s business and operations. In fact, the TCFD has already recommended that organizations most significantly affected by transition risk (e.g., fossil fuel-based industries) should consider in-depth scenario analysis, where subsidies or taxes may have a particularly direct effect.

 

 

To catalyse real progress on phasing out fossil fuel subsidies, the German G20 communique should include clear language that:

  • Sets a clear timeline for the full and equitable phase-out by all G20 members of all fossil fuel subsidies by 2020, starting with the elimination of all subsidies for fossil fuel exploration and coal production.
  • Sets a clear timeline for the phase out of domestic and international public finance for oil, gas and coal production by 2020.
  • Commits all G20 members to complete fossil fuel subsidy peer reviews by the end of 2018, building on the leadership of China and the United States in 2016.

 

Such clear timelines and guidance would set the foundation for G20 governments to disclose fossil fuel subsidies on an annual basis in a consistent publicly available format. Increased transparency can be further supported through the expansion of the OECD’s inventory of fossil fuel subsidies, based on their model for detailed tracking of agricultural subsidies. The G20 could also work through the OECD to increase transparency of reporting on investment in and finance for fossil fuel production by G20 majority publicly-owned financial institutions and state-owned enterprises.

 

 

These firm commitments on the part of G20 governments are critical for investors as we seek to manage the transitions risks in moving to a low carbon economy, and will help unleash private investment towards the clean energy future we all want.

 

 

(News link: http://newsroom.unfccc.int/unfccc-newsroom/g20-must-phase-out-fossil-fuel-subsidies-by-2020/)