"How Fossil Fuel Subsidies Are Hurting The Energy Transition"

"After agreeing in 2009 to phase out dirty energy subsidies, G20 nations pumped $1.4 trillion into supporting fossil fuel use in 2022 - money that should be redeployed to support a shift into renewables, analysts say".

"NEW DELHI - G20 leaders are preparing to meet in New Delhi on Sept. 9-10, where action to tackle climate change and boost clean energy will be on the agenda - but recent reports have exposed how the world's most powerful nations are still pouring huge amounts of money into supporting the production and use of fossil fuels.

Analysis from the International Institute for Sustainable Development (IISD) shows that G20 governments provided a record $1.4 trillion to subsidise climate-heating fossil fuels in 2022.

This came despite the fact that those same nations committed in 2009 to phase out "inefficient" fossil fuel subsidies.

Moreover, in 2022 they gave more than double the amount of fossil fuel subsidies than in 2019 before the COVID-19 pandemic - funding that could have helped bridge the gap in funding the clean energy transition, the IISD said in an August report."

Bhasker Tripathi reports for Thomson Reuters Foundation August 28, 2023.

Source: Thomson Reuters Fdn., 08/29/2023