The subsidisation of fossil fuel exploration by the UK and other G20 governments is undermining agreed climate goals, according to a report.
The Overseas Development Institute, a UK-based think tank, and the advocacy group Oil Change International, say in a report, published on 11 November, that exploration subsidies in the UK add up to around £770 million a year, largely in tax exemptions.
They also say that the UK provides public finance for fossil fuel exploration, including around £1.26 billion paid out between 2010 and 2013 by the Royal Bank of Scotland, which is 80 per cent state owned.
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