Yes, we currently subsidize fossil fuels!

This seems like a no-brainer. How did this not happen sooner?

Group of 20 leaders are close to an agreement on phasing out subsidies for fossil fuels in an effort to curb global warming, though no fixed dates have been set, reports Reuters.

Several G20 countries subsidize fuel such as coal and oil, at a cost of about $300 billion, to keep prices artificially low for consumers, which boosts both demand for hydrocarbons and emissions, reports Reuters.

Obama aide Michael Froman told Reuters that phasing out fossil fuel subsidies worldwide could cut greenhouse gases by up to 12 percent by 2050, citing estimates by the Organization for Economic Cooperation and Development and the International Energy Agency. He said United States would agree to the cuts as well.