IISD in the news

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.

August 24, 2023