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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

Staggering $1.4 Trillion: G20 Nations' Fossil Fuel Support Exposed In IISD Report Ahead Of Leaders' Summit

As the G20 Leaders' Summit approaches in September, a groundbreaking report has unveiled startling figures: G20 member nations allocated a staggering $1.4 trillion last year to prop up fossil fuels. Released on Wednesday, the report titled "Fanning the Flames: G20 provides record financial support for fossil fuels" by the International Institute for Sustainable Development (IISD) has raised concerns over the dissonance between climate commitments and financial decisions.
IISD in the news August 24, 2023

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.
IISD in the news August 23, 2023

Climate concerns: G20 nations poured $1.4 trillion into fossil fuels in 2022

A recently published report suggests that redirecting fossil fuel subsidies from G20 countries towards investing in renewable energy sources can have a multifaceted impact. Not only would it contribute to combating climate change, but it could also address pressing global issues like hunger, energy access, and environmental pollution.
IISD in the news August 23, 2023

G20 poured record levels of public money into fossil fuels in 2022: Report

G20 members provided a record $1.4 trillion in public money to support fossil fuels in 2022, according to the study "Fanning the Flames: G20 Provides Record Financial Support for Fossil Fuels" by the International Institute for Sustainable Development (IISD) and partners.
IISD in the news August 23, 2023