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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

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 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 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 August 23, 2023

G20 spent a record $1.4 trillion on fossil fuels in 2022, report says

The world's biggest economies, the G20, provided a record U.S.$1.4 trillion in public money for fossil fuels in 2022 despite the promise to reduce spending, a new study by a think tank said. "The 2022 energy price crisis, brought about by Russia’s invasion of Ukraine, has catapulted public financial support for fossil fuels to new levels," said the International Institute for Sustainable Development, or IISD, in its analysis, Fanning the Flames, released on Wednesday.
IISD in the news August 23, 2023

The G20 pledged to end fossil fuel subsidies in 2021—and then quadrupled them in 2022

The G20 countries aren’t walking the walk to match their talk about reducing fossil fuel subsidies. Quite the opposite, in fact. The volume of public money flowing into coal, oil, and gas in the world's 20 biggest economies hit a record $1.4 trillion in 2022, a new report by International Institute for Sustainable Development (IISD) revealed. Of this, a trillion went towards all sorts of subsidies—mostly for consumers.
IISD in the news August 23, 2023