IISD in the news

IMF: Fossil fuel subsidies hit RM6t

Despite repeated government pledges to cut back on fossil fuel subsidies, a new report found such subsidies surged to a record US$1.3 trillion (RM5.95 trillion) last year. The report by the International Monetary Fund looked at both explicit and implicit subsidies for fossil fuels across 170 countries. The findings dovetail with a report that came out earlier last week by the International Institute for Sustainable Development (IISD), a Canada-based think tank, which found that public monies in Group of 20 countries alone going to explicit fossil fuel subsidies more than quadrupled to US$1 trillion in 2022 compared to a year ago.

August 28, 2023