Rich countries breach climate promises, increase fossil fuel spending
The world's richest countries breached their self-proclaimed climate commitment to limit fossil fuel investments and spent a record $1.4 trillion in subsidies on coal, oil and gas in 2022. According to the International Institute for Sustainable Development (IISD), the G20 broke a unified agreement reached at a climate summit in Glasgow in 2021 to phase out "inefficient" fossil fuel subsidies.
You might also be interested in
Five Key Priorities to End Fossil Fuel Subsidies in Canada
As the G7 president in 2025, Canada has a pivotal opportunity to lead by fully phasing out fossil fuel supports and investing in a cleaner, more equitable future. Here are five recommendations for effective subsidy reform.
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.
Fossil Fuel Subsidy Reform in Aviation and Shipping
Countries can address fossil fuel subsidies in aviation and shipping by changing legislation to allow for reform and introducing emission levies.