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Governments worldwide spent $1.7 trillion of public money on fossil fuels, a new report finds

In 2022, governments globally issued more than $1.7 trillion in public money to support fossil fuels, through subsidies, investments by state-owned enterprises, and lending from public financial institutions, a new analysis found. Simultaneously, financial support for renewable energy generation, grid integration of clean energy and battery storage increased, according to the International Institute for Sustainable Development. But it remains insufficient to limit global warming to 1.5°C, it added.

November 23, 2023

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