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G20 countries spent record $1.4 trillion to support fossil fuels last year; more than double of 2019

Ahead of the G20 Leaders' Summit in September, a report has found that G20 member countries spent $1.4 trillion last year to support fossil fuels. The report titled "Fanning the Flames: G20 provides record financial support for fossil fuels" by International Institute for Sustainable Development (IISD), released on Wednesday, found that G20 members spent $1.4 trillion public money to support fossil fuels—more than double the pre-Covid-19 and pre-energy crisis spends, as recently as in 2019.
IISD in the news August 23, 2023

G20 spent a record $1.4 trillion on fossil fuels in 2022, report says

The world's biggest economies, the G20, provided a record U.S.$1.4 trillion in public money for fossil fuels in 2022 despite the promise to reduce spending, a new study by a think tank said. "The 2022 energy price crisis, brought about by Russia’s invasion of Ukraine, has catapulted public financial support for fossil fuels to new levels," said the International Institute for Sustainable Development, or IISD, in its analysis, Fanning the Flames, released on Wednesday.
IISD in the news August 23, 2023

The G20 pledged to end fossil fuel subsidies in 2021—and then quadrupled them in 2022

The G20 countries aren’t walking the walk to match their talk about reducing fossil fuel subsidies. Quite the opposite, in fact. The volume of public money flowing into coal, oil, and gas in the world's 20 biggest economies hit a record $1.4 trillion in 2022, a new report by International Institute for Sustainable Development (IISD) revealed. Of this, a trillion went towards all sorts of subsidies—mostly for consumers.
IISD in the news August 23, 2023

L'explosion des subventions aux énergies fossiles

Selon un rapport publié mercredi de l'Institut international du développement durable (IISD), un laboratoire d'idées dont le siège est au Canada, mais qui possède une antenne à Genève, les énergies fossiles continuent de bénéficier d'un soutien public considérable au sein du G20. Les pays membres avaient pourtant promis de progressivement mettre fin aux subventions des énergies fossiles en 2009 déjà à Pittsburgh. Lors de la COP26 de Glasgow en 2021, ils avaient réitéré, aux côtés des autres Etats de la planète, le besoin «d'accélérer la suppression de subventions inefficaces des énergies fossiles». A l'approche du sommet du G20 qui se tiendra à New Delhi les 9 et 10 septembre et à deux mois de la COP28 à Dubaï, les promesses n'ont donc pas été tenues.
IISD in the news August 23, 2023

G20 Nations Invested Record $1.4 Trillion Into Fossil Fuels in 2022, Report Says

During last year's energy crisis, when prices soared due to Russia's invasion of Ukraine, the Group of 20 (G20) nations provided $1.4 trillion to boost energy supplies and keep prices from climbing even higher, according to the thinktank International Institute for Sustainable Development (IISD).
IISD in the news August 23, 2023

Accelerating Innovation and Private Investment in Climate Adaptation

Securing financing for climate adaptation projects is key for tackling the effects of climate change. This session at the Seventh GEF Assembly will explore how to accelerate innovation and private investment in climate change adaptation in developing countries.
Conference August 23, 2023