
Doubling Back and Doubling Down: G20 scorecard on fossil fuel funding
-
G20 governments provided $584 billion annually (2017–2019 average) via direct budgetary transfers and tax expenditures, price support, public finance, and state-owned enterprise investment for the production and consumption of fossil fuels at home and abroad.
-
Governments provided more support to oil and gas production than any other stage of fossil fuel-related activity, at $277 billion (47% of the total support to fossil fuels).
-
Despite repeated pledges to end inefficient fossil fuel subsidies, G20 governments' support to fossil fuels has dropped by only 9% since 2014–2016: Progress made between 2014 and 2019 was insufficient and more needs to be done.
Despite various commitments since 2009 to end government support for fossil fuels and make “finance flows consistent with a pathway toward low greenhouse gas emissions and climate-resilient development” (Paris Agreement, Article 2.1c), G20 governments continued to provide significant support to fossil fuels in 2017–2019. G20 governments provided $584 billion annually (2017–2019 average) via direct budgetary transfers and tax expenditures, price support, public finance, and state-owned enterprise investment for the production and consumption of fossil fuels at home and abroad.
Additional downloads
You might also be interested in
Governments are subsidizing the destruction of nature even as they promise to protect it
When dignitaries from 196 countries converge in Montreal next week to rub shoulders and hash out a new global agreement to save nature, money will be on the agenda.
Analysing India’s climate policy and the route post-COP27
As the world's third-largest greenhouse gas emitting country, India is often criticised by the international community. However, it justifies itself by stating its minuscule per capita emissions and low historical emissions as compared to the developed world. This analysis explores whether India is playing its role in tackling one of the world's most pressing issues.
At long last, Canada restricts oil and gas subsidies (except for all the loopholes)
Environment and Climate Minister Steven Guilbeault has unveiled detailed plans to phase out "inefficient" oil and gas subsidies, based on guidelines released yesterday morning that take effect immediately and are meant to fulfill a 14-year-old pledge by G20 countries.
Heatwaves to hit China once every 5 years as global extreme weather events multiply, study finds
Record-breaking heatwaves that have scorched North America, Europe and China are set to worsen in future unless the world stops burning fossil fuels, according to a study by the World Weather Attribution (WWA) academic initiative.