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G-20 nations spend US$88b a year on fossil-fuel exploration

This despite their agreeing in 2009 to phase out inefficient fossil-fuel subsidies that encourage wasteful consumption

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The G-20 group of major economies spend US$88 billion a year on fossil-fuel exploration, five years after pledging to phase out industry subsidies, a study showed.

London

THE G-20 group of major economies spend US$88 billion a year on fossil-fuel exploration, five years after pledging to phase out industry subsidies, a study showed.

Spending of US$17 billion and US$11.3 billion by state-backed oil companies Saudi Arabian Oil Co and Petroleo