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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 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 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 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 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 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 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 August 25, 2023

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.
Conference August 25, 2023