Public money still flowing into industry despite agreement to phase out ‘inefficient’ subsidies, thinktank says
The G20 poured record levels of public money into fossil fuels last year despite having promised to reduce some of it, a report has found.
The amount of public money flowing into coal, oil and gas in 20 of the world’s biggest economies reached a record $1.4tn(£1.1tn) in 2022, according to the International Institute for Sustainable Development (IISD) thinktank, even though world leaders agreed to phase out “inefficient” fossil fuel subsidies at the Cop26 climate summit in Glasgow two years ago.