Media Coverage

Recent news coverage about IISD

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How fossil fuel subsidies are hurting the energy transition

G20 leaders are preparing to meet in New Delhi on Sept. 9-10, where action to tackle climate change and boost clean energy will be on the agenda—but recent reports have exposed how the world’s most powerful nations are still pouring huge amounts of money into supporting the production and use of fossil fuels. Analysis from the International Institute for Sustainable Development (IISD) shows that G20 governments provided a record US$1.4 trillion to subsidize climate-heating fossil fuels in 2022.

IISD in the news

Eco-Business

August 30, 2023

India's renewable energy ambitions could exceed 500 GW: ISA

India is poised not only to achieve its ambitious target of 500-gigawatts renewable energy capacity by 2030 but also surpass it, driven by an anticipated decline in battery prices by 2025, according to Ajay Mathur, Director General of the International Solar Alliance. Mathur said a fall in battery prices by 2025 could drive the widespread adoption of solar plus battery solutions, leading to the realization of India's ambitious target of installing 500 GW of renewable energy capacity by 2030—one of the five commitments Prime Minister Narendra Modi made during the 2021 Glasgow climate talks.

IISD in the news

EnergyWorld

August 29, 2023

IMF: Fossil fuel subsidies hit RM6t

Despite repeated government pledges to cut back on fossil fuel subsidies, a new report found such subsidies surged to a record US$1.3 trillion (RM5.95 trillion) last year. The report by the International Monetary Fund looked at both explicit and implicit subsidies for fossil fuels across 170 countries. The findings dovetail with a report that came out earlier last week by the International Institute for Sustainable Development (IISD), a Canada-based think tank, which found that public monies in Group of 20 countries alone going to explicit fossil fuel subsidies more than quadrupled to US$1 trillion in 2022 compared to a year ago.

IISD in the news

The Malaysian Reserve

August 28, 2023

Global fossil fuel subsidies and costs hit record $7tn in 2022, IMF reports

Global fossil fuel subsidies hit a record total of $7tn in 2022 as governments rushed to shield consumers from soaring energy prices sparked by Russia's invasion of Ukraine, the IMF estimates. This compares with the most recent estimates from the International Institute for Sustainable Development think-tank this week that said subsidies from G20 economies stood at $1.4tn, including investments by state-owned enterprises and loans from public finance institutions.

IISD in the news

Financial Times

August 25, 2023

The staying power of fossil fuel subsidies

Well over a decade after high-profile international vows to rein in subsidies for producing and using fossil fuels, they remain deeply woven into government policies.

IISD in the news

Axios

August 25, 2023

G20 nations provided a record $1.4 trillion in support of fossil fuels last year

Russia's invasion of Ukraine in February of last year caused an energy price crisis, which led to G20 governments cushioning the effects on the fossil fuel industry and consumers to the tune of $1.4 trillion. The staggering amount was provided in the form of subsidies, investments by state-owned enterprises, and lending from public financial institutions, a recent report by the International Institute for Sustainable Development (IISD) said.

IISD in the news

Down to Earth

August 25, 2023

Spending on global fossil fuel subsidies in 2022 shattered all-time records – Report

According to a new report, 2022 saw record-shattering spending on fossil fuel subsidies as some parts of the world face devastating climate impacts. Though the sharp uptick in subsidies was driven by a response to the energy crisis, authors of the report highlighted that fossil fuel subsidies be redirected to welfare and those who need it most.

IISD in the news

Daily Maverick

August 25, 2023

Fossil fuel subsidies hit $1.3 trillion despite government pledges to end them

Despite repeated government pledges to cut back on fossil fuel subsidies, a new report found such subsidies surged to a record $1.3 trillion last year. The report by the International Monetary Fund (IMF) looked at both explicit and implicit subsidies for fossil fuels across 170 countries. The findings dovetail with a report that came out earlier in the week by the International Institute for Sustainable Development (IISD), a Canada-based think tank, which found that public monies in G-20 countries alone going to explicit fossil fuel subsidies more than quadrupled to $1 trillion in 2022 compared to a year ago.

IISD in the news

Bloomberg

August 24, 2023

G20 nations spent record money on fossil fuel subsidies in 2022: Report

Despite promises made at the Cop26 climate summit in Glasgow to reduce fossil fuel subsidies, a report has shown that G20 nations poured a record €1.3 trillion into the fossil fuel industry in 2022.

IISD in the news

RFI (Radio France Internationale)

August 24, 2023

G20 Countries Spent a Record $ 1.4 Trillion on Fossil Fuels in 2022: Report

Last year, G20 countries supported fossil fuels in a big way. In 2022, they spent a record US $ 1.4 trillion–more than double the pre-COVID and pre-energy crisis levels of 2019–on fossil fuels, per a report released on August 23 by the International Institute for Sustainable Development, an international think tank.

IISD in the news

The Wire

August 24, 2023

G20 spent record US$1.4 trillion on fossil fuels in 2022 despite climate change pledges: Report

G20 member nations last year provided a record US$1.4 trillion–more than double that of pre-Covid levels–to support fossil fuels that have fanned global warming, a report has revealed, despite previous pledges to phase out subsidies.

IISD in the news

South China Morning Post

August 24, 2023

G20 countries spent record $1.4 trillion to support coal, oil, gas: Research

After almost 14 years of committing to phase out fossil fuels, the G20 members spent a whopping $1.4 trillion in public money to support fossil fuels in 2022.

IISD in the news

The Times of India

August 24, 2023

Staggering $1.4 Trillion: G20 Nations' Fossil Fuel Support Exposed In IISD Report Ahead Of Leaders' Summit

As the G20 Leaders' Summit approaches in September, a groundbreaking report has unveiled startling figures: G20 member nations allocated a staggering $1.4 trillion last year to prop up fossil fuels. Released on Wednesday, the report titled "Fanning the Flames: G20 provides record financial support for fossil fuels" by the International Institute for Sustainable Development (IISD) has raised concerns over the dissonance between climate commitments and financial decisions.

IISD in the news

Ten News

August 24, 2023

Rich countries breach climate promises, increase fossil fuel spending

The world's richest countries breached their self-proclaimed climate commitment to limit fossil fuel investments and spent a record $1.4 trillion in subsidies on coal, oil and gas in 2022. According to the International Institute for Sustainable Development (IISD), the G20 broke a unified agreement reached at a climate summit in Glasgow in 2021 to phase out "inefficient" fossil fuel subsidies.

IISD in the news

Al Mayadeen

August 23, 2023

Climate concerns: G20 nations poured $1.4 trillion into fossil fuels in 2022

A recently published report suggests that redirecting fossil fuel subsidies from G20 countries towards investing in renewable energy sources can have a multifaceted impact. Not only would it contribute to combating climate change, but it could also address pressing global issues like hunger, energy access, and environmental pollution.

IISD in the news

Ground Report

August 23, 2023

G20 poured record levels of public money into fossil fuels in 2022: Report

G20 members provided a record $1.4 trillion in public money to support fossil fuels in 2022, according to the study "Fanning the Flames: G20 Provides Record Financial Support for Fossil Fuels" by the International Institute for Sustainable Development (IISD) and partners.

IISD in the news

The Hans India

August 23, 2023

G20 nations spent record money on fossil fuel subsidies in 2022 despite Glasgow pledges

Even as world leaders talk big about tackling climate change by reducing reliance on non-renewable energy, a new report has revealed the world’s largest 20 economies spent a record amount of money on burning fossil fuels last year. G20 nations spent a whopping $1.4 trillion on coal, oil and gas in 2022, the International Institute for Sustainable Development (IISD) think tank revealed in its report.

IISD in the news

WION

August 23, 2023

G20 countries spent more than £1.1tn on fossil fuel subsidies after Ukraine war

At COP26 in 2021, member countries agreed to accelerate "the phase-out of unabated coal power and of inefficient subsidies for fossil fuels" in a bid to slow climate change. But according to the think tank International Institute for Sustainable Development (IISD), subsidies the following year from G20 countries reached $1tn–over four times the amount provided in 2021.

IISD in the news

E&T

August 23, 2023

G20 Nations Dished Out at Least $1 Trillion in Fossil Fuel Subsidies in 2022: Analysis

An analysis released this week by the International Institute for Sustainable Development shows that G20 countries spent at least $1 trillion on fossil fuel subsidies in 2022, running afoul of recent pledges to curb financial support for the sector most responsible for the global climate emergency.

IISD in the news

Common Dreams

August 23, 2023

G20 countries spent record $1.4 trillion to support fossil fuels last year; more than double of 2019

Ahead of the G20 Leaders' Summit in September, a report has found that G20 member countries spent $1.4 trillion last year to support fossil fuels. The report titled "Fanning the Flames: G20 provides record financial support for fossil fuels" by International Institute for Sustainable Development (IISD), released on Wednesday, found that G20 members spent $1.4 trillion public money to support fossil fuels—more than double the pre-Covid-19 and pre-energy crisis spends, as recently as in 2019.

IISD in the news

Hindustan Times

August 23, 2023