"Support amid huge industry profits is a ‘roadblock’ to tackling climate crisis, says International Energy Agency".

"Global public subsidies for fossil fuels almost doubled to $700bn in 2021, analysis has shown, representing a “roadblock” to tackling the climate crisis.

Despite the huge profits of fossil fuel companies, the subsidies soared as governments sought to shield citizens from surging energy prices as the global economy rebounded from the Covid-19 pandemic.

Most of the subsidies were used to reduce the price paid by consumers. This largely benefits wealthier households, as they use the most energy, rather than targeting those on low incomes. The subsidies are expected to rise even further in 2022 as Russia’s war in Ukraine has driven energy prices even higher."

Damian Carrington reports for the Guardian August 31, 2022. [2]