The G20 poured record levels of public money into fossil fuels last year despite having promised to reduce some of it, a report has found. The Guardian: The amount of public money flowing into coal, oil and gas in 20 of the world’s biggest economies reached a record $1.4tn in 2022, according to the International Institute for Sustainable Development (IISD) thinktank, even though world leaders agreed to phase out âoeinefficientâ fossil fuel subsidies at the Cop26 climate summit in Glasgow two years ago. The report comes ahead of a meeting of G20 countries in Delhi next month that could set the tone for the next big climate conference, which takes place in the United Arab Emirates in November.
It is crucial that leaders put fossil fuel subsidies on the agenda, said Tara Laan, a senior associate with the IISD and lead author of the study. “These figures are a stark reminder of the massive amounts of public money G20 governments continue to pour into fossil fuels — despite the increasingly devastating impacts of climate change.” Fossil fuels release pollutants when burned that heat the planet and make extreme weather more violent. They also dirty the air with toxins that damage people’s lungs and other organs. Scientists estimate the air pollution from fossil fuels kills between 1 and 10 million people each year. But beyond the overlooked costs to society, governments have lowered prices further by supporting fossil fuel producers and their customers with public money. The report found G20 governments last year provided fossil fuels $1tn in subsidies, $322bn in investments by state-owned enterprises and $50bn in loans from public finance institutions.
