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.
You might also be interested in
Ending Export Credits for Oil and Gas: How OECD countries can end 2024 with a climate win
For a year now, Organisation of Petroleum Exporting Countries (OECD) governments have been negotiating an agreement that could put an end to oil and gas export finance. Following the acrimony in Baku, this would be a very real way for the OECD to show policy coherence, respond to calls from the poorest countries to stop subsidizing fossil fuels, and shift public finance to solutions.
Fossil Fuel Production, Renewable Energy, and Subsidy Reform in Nationally Determined Contributions 3.0
This policy brief provides an analysis of the critical benchmarks and recommendations necessary for aligning nationally determined contributions (NDCs) with the 1.5 °C target.
December 2024 | Carbon Minefields Oil and Gas Exploration Monitor
In November 2024, 23 oil and gas exploration licences were awarded across five countries, with Russia granting the licences that account for the largest portion of embodied emissions.
The Cost of Fossil Fuel Reliance
Government support for fossil fuels reached at least USD 1.5 trillion in 2023, new data shows.