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.
You might also be interested in
Renewable energy transition is possible now in Canada
Renewable energy can now be scaled much faster and cheaper than fossil fuels, and the political and policy tools that allow citizens and communities to partner with utilities are being deployed at a global scale.
Indonesia Must Quadruple its Annual Renewable Investment Target
Indonesia should quadruple its annual investment target for new and renewable energy to over USD 8 billion by 2025, according to a new brief by the International Institute for Sustainable Development (IISD)
BC's Fossil Fuel Subsidies Are Second Highest in Canada
The B.C. government handed out $1.3 billion in fossil fuel subsidies over the past two fiscal years, according to a new report by the International Institute for Sustainable Development, an independent think tank.
Provinces Trigger New Fossil Development with Higher Subsidies than Ottawa’s, IISD Reports
Fossil fuel subsidies from Canadian provinces and territories exceed federal support for the industry, triggering fossil fuel production "that may not otherwise occur" and depriving provinces of "millions in uncollected royalty and tax revenue from fossil fuels," concludes a new report.