US EditionThe G20 pledged to end fossil fuel subsidies in 2021—and then quadrupled them in 2022
- G20 countries allocated a staggering USD 1.4 trillion of public funds to support fossil fuels in 2022, aiming to counter the impact of soaring prices and strengthen energy reserves.
- India, the current G20 president, has reduced fossil fuel subsidies by 76 percent while increasing support for clean energy, putting the country in a strong position to lead on this issue.
- The study proposes a solution of implementing minimum carbon taxes to reduce fossil fuel subsidies, with the potential to generate an extra USD 1 trillion per year for G20 nations.
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G20 nations spent record money on fossil fuel subsidies in 2022 despite Glasgow pledges
Even as world leaders talk big about tackling climate change by reducing reliance on non-renewable energy, a new report has revealed the world’s largest 20 economies spent a record amount of money on burning fossil fuels last year. G20 nations spent a whopping $1.4 trillion on coal, oil and gas in 2022, the International Institute for Sustainable Development (IISD) think tank revealed in its report. The report comes as stark contrast to promise
·Noida, India
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G20 countries spent record $ 1.4 trillion to support fossil fuels last year; more than double of 2019
The report titled “Fanning the Flames: G20 provides record financial support for fossil fuels“ by International Institute for Sustainable Development, was released on Wednesday | Latest News India
·New Delhi, India
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