After The G20 Summit, Bloc Poured $1.4 Trillion To Fossil Fuels In 2022, According To Studies
by Abdul Aziz Mondal Business 23 August 2023
A research by the International Institute for Sustainable Development and its partners published as the G20 leaders have been preparing for the summit meeting that is scheduled between September 9th to 10th in Delhi.
“G20 countries allocated a staggering $1.4 trillion of public funds to support fossil fuels in 2022, aiming to counter the impact of their soaring prices due to the Ukraine war and strengthen energy reserves,” as said by a new study.
A research by the International Institute for Sustainable Development and its partners published as the G20 leaders have been preparing for the summit meeting that is scheduled between September 9th to 10th in Delhi.
India being the current G20 president has made fairly good progress, the study adds, emphasizing over the cuts in fossil fuels subsidies by a clear 76% from 2014 to 2022 while boosting support to promote clean energy.
This has put India on a higher pedestal to take a lead over this issue.
“The astonishing sum of $ 1.4 trillion includes fossil fuel subsidies ($ 1 trillion), state-owned enterprise investments ($ 322 billion), and money lent by public financial institutions ($ 50 billion),” the study further added.
This estimated total is more than double what it was prior to the global pandemic and the energy crisis back in 2019.
“These figures are a stark reminder of the massive amounts of public money G20 governments continue to pour into fossil fuels despite the increasingly devastating impacts of climate change,” said Tara Laan, Senior Associate, IISD.
“The G20 has the power and the responsibility to transform our fossil-based energy systems. It is crucial for the bloc to put fossil fuel subsidies on the Delhi Leaders’ Summit agenda and take meaningful actions to eliminate all public financial flows for coal, oil, and gas,” she has further added.
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