Study reveals G20 nations increased fossil fuel investments in 2022, defying climate goals
Amid the upcoming G20 summit in New Delhi, where global leaders are poised to deliberate on critical topics including climate change, a study reveals a conflicting trend. Attending countries had substantially increased financial support for fossil fuels in 2022, which is in glaring contradiction to achieving the climate objectives set by the Paris Agreement, claims the study. Conducted by the International Institute for Sustainable Development (IISD), the study found that G20 member countries extended an all-time high of $1.4 trillion in public funds to bolster the fossil fuel industry in 2022.
You might also be interested in
Ending Export Credits for Oil and Gas: How OECD countries can end 2024 with a climate win
For a year now, Organisation of Petroleum Exporting Countries (OECD) governments have been negotiating an agreement that could put an end to oil and gas export finance. Following the acrimony in Baku, this would be a very real way for the OECD to show policy coherence, respond to calls from the poorest countries to stop subsidizing fossil fuels, and shift public finance to solutions.
Fossil Fuel Production, Renewable Energy, and Subsidy Reform in Nationally Determined Contributions 3.0
This policy brief provides an analysis of the critical benchmarks and recommendations necessary for aligning nationally determined contributions (NDCs) with the 1.5 °C target.
December 2024 | Carbon Minefields Oil and Gas Exploration Monitor
In November 2024, 23 oil and gas exploration licences were awarded across five countries, with Russia granting the licences that account for the largest portion of embodied emissions.
The Cost of Fossil Fuel Reliance
Government support for fossil fuels reached at least USD 1.5 trillion in 2023, new data shows.