Group of 20 (G20) governments’ financial support of fossil fuels production reached US$64 billion in 2021, according to a new report by Climate Transparency, an international partnership of organisations that provide an “annual stocktake of G20 climate action”. Total G20 government fossil fuel subsidies fell to US$147 billion in 2020, but rose by 29% to US$190 billion in 2021, according to the Organisation of Economic Co-operation and Development (OECD), and have continued to rise in 2022. The countries with the highest total subsidies for fossil fuel production and consumption were China, Indonesia and the UK. Further, between 2020 and 2021 total energy-related CO2 emissions in the G20 increased by 5.9%, following a reduction of 4.9% between 2019 and 2020, the report said. G20 leaders are due to meet at a summit in Indonesia next month. Ipek Gençsü, the report’s Finance Lead and Senior Research Fellow at ODI said: “Last year, the G20 reaffirmed its 2009 commitment to ‘phase out and rationalise, over the medium term, inefficient fossil fuel subsidies’, but I think we can safely say we are now in that ‘medium term’ and it’s clear the G20 has failed to deliver, instead continuing to use public funds to distort the market in favour of fossil fuels”.
Climate Transparency announces the official launch of the long awaited #CTReport2022 📈
📌Check out the briefing of the international launch on YouTube: https://t.co/qC5WNoS9i5
📍Find the link to the Report, Country Profiles and Key Graphs here: https://t.co/63raddVWBn pic.twitter.com/tlL9VXndOA
— Climate Transparency (@ClimateT_G20) October 20, 2022