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Global fossil fuel subsidies and costs hit record $7tn in 2022, IMF reports

Global fossil fuel subsidies hit a record total of $7tn in 2022 as governments rushed to shield consumers from soaring energy prices sparked by Russia's invasion of Ukraine, the IMF estimates. This compares with the most recent estimates from the International Institute for Sustainable Development think-tank this week that said subsidies from G20 economies stood at $1.4tn, including investments by state-owned enterprises and loans from public finance institutions.
IISD in the news August 25, 2023

The staying power of fossil fuel subsidies

Well over a decade after high-profile international vows to rein in subsidies for producing and using fossil fuels, they remain deeply woven into government policies.
IISD in the news August 25, 2023

G20 nations provided a record $1.4 trillion in support of fossil fuels last year

Russia's invasion of Ukraine in February of last year caused an energy price crisis, which led to G20 governments cushioning the effects on the fossil fuel industry and consumers to the tune of $1.4 trillion. The staggering amount was provided in the form of subsidies, investments by state-owned enterprises, and lending from public financial institutions, a recent report by the International Institute for Sustainable Development (IISD) said.
IISD in the news August 25, 2023

Spending on global fossil fuel subsidies in 2022 shattered all-time records – Report

According to a new report, 2022 saw record-shattering spending on fossil fuel subsidies as some parts of the world face devastating climate impacts. Though the sharp uptick in subsidies was driven by a response to the energy crisis, authors of the report highlighted that fossil fuel subsidies be redirected to welfare and those who need it most.
IISD in the news August 25, 2023

Roundtable: The GEF’s Future with New Agreements and Emerging Themes

This session at the Seventh GEF Assembly will offer an opportunity for critical stocktaking, both for the future of the GEF with new agreements/landmark decisions and for exploring emerging modalities and innovative approaches to address these emerging themes for the global environment.
Conference August 25, 2023

Fossil fuel subsidies hit $1.3 trillion despite government pledges to end them

Despite repeated government pledges to cut back on fossil fuel subsidies, a new report found such subsidies surged to a record $1.3 trillion last year. The report by the International Monetary Fund (IMF) looked at both explicit and implicit subsidies for fossil fuels across 170 countries. The findings dovetail with a report that came out earlier in the week by the International Institute for Sustainable Development (IISD), a Canada-based think tank, which found that public monies in G-20 countries alone going to explicit fossil fuel subsidies more than quadrupled to $1 trillion in 2022 compared to a year ago.
IISD in the news August 24, 2023

G20 Countries Spent a Record $ 1.4 Trillion on Fossil Fuels in 2022: Report

Last year, G20 countries supported fossil fuels in a big way. In 2022, they spent a record US $ 1.4 trillion–more than double the pre-COVID and pre-energy crisis levels of 2019–on fossil fuels, per a report released on August 23 by the International Institute for Sustainable Development, an international think tank.
IISD in the news August 24, 2023