Publication - Burning Billions: Record Public Money for Fossil Fuels Impeding Climate Action

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Title

Burning Billions: Record Public Money for Fossil Fuels Impeding Climate Action

Publisher

International Institute for Sustainable Development (IISD)

Author

Tara Laan, Anna Geddes, Nhat Do, Laura Cameron, Siddharth Goel, and Natalie Jones

Published in

November 2023

Abstract

In 2022, world governments provided a record USD 1.7 trillion in public money to support fossil fuels—the single biggest contributor to the climate crisis.

The amount includes fossil fuel subsidies (USD 1.3 trillion), investments by state-owned enterprises in G20 countries (USD 350 billion), and lending from public financial institutions by G7 countries and multilateral development banks (USD 22 billion). As the UN Climate Change Conference (COP 28) kicks off next week, this remains a central issue in climate negotiations.

“Despite bold commitments to combat climate change, governments continue to pour trillions of dollars into the production and consumption of fossil fuels,” says Tara Laan, Senior Associate at IISD and the lead author of the study. “Commitments need deadlines and frameworks to be effective. To turn global leaders’ words into action, it’s crucial that they fortify their efforts to shift subsidies and other financial flows away from fossil fuels and into clean energy solutions, starting at COP 28.”

URL

link to the document

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• Climate Change

• Energy Transition

• Policies and Regulations

• Other