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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 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 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 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 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 August 24, 2023

The Elephant in the Room: How the G20 can veer from record fossil fuel support

This webinar offered a first glimpse at the findings of a new study by the International Institute for Sustainable Development (IISD) and partners examining the volume of public financial support for fossil fuels in G20 members last year.

Webinar August 23, 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 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 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 August 23, 2023

Advancing Biodiversity-Positive Nature-Based Climate Solutions

From India to Ethiopia to Canada, exploring valuable examples of nature-based solutions’ potential while showcasing their versatility.

Insight August 23, 2023