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G-20 members are spending $452 billion a year subsidizing fossil fuel production – nearly four times global spending on renewable energy subsidies – despite pledging to phase out fossil fuel support to tackle climate change, a new report said Thursday.G-20 countries backed calls to phase out fossil fuel subsidies at meetings in 2009 and 2014, but are not making significant progress, the report said.The report said money provided by G-20 governments for fossil fuel production in 2013 and 2014 included nearly $78 billion a year in national subsidies, state-owned company investments of $286 billion, and other public finance support valued at $88 billion.
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