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.
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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.
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.
Roundtable: The GEF’s Future with New Agreements and Emerging Themes
This session at the Seventh GEF Assembly will offer an opportunity for critical stocktaking, both for the future of the GEF with new agreements/landmark decisions and for exploring emerging modalities and innovative approaches to address these emerging themes for the global environment.
IISD Welcomes Canada’s Contribution to the Historic Global Biodiversity Framework Fund
The International Institute for Sustainable Development (IISD) welcomes Canada's CAD 200 million pledge to the newly ratified Global Biodiversity Framework Fund, announced today at the Seventh Assembly of the Global Environment Facility (GEF) by Ministers Hussen and Guilbeault.
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.
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.
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.
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.
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.