Despite pledging to reduce fossil fuel subsidies, the G20 countries increased the amount of public money flowing into coal, oil, and gas in 2022. What was the record amount of public money spent on these fossil fuels in 2022, as reported by the International Institute for Sustainable Development (IISD) thinktank?

Solution

The G20 poured record levels of public money into fossil fuels last year despite having promised to reduce some of it. According to the International Institute for Sustainable Development (IISD) thinktank, 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, , even though world leaders agreed to phase out “inefficient” fossil fuel subsidies at the Cop26 climate summit in Glasgow two years ago. The report comes ahead of a meeting of G20 countries in Delhi next month that could set the tone for the next big climate conference, which takes place in the United Arab Emirates in November. About G20 The G20 or Group of 20 is an intergovernmental forum comprising 19 countries and the European Union. It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development. Founded: 26 September 1999                       Chairman (Incumbent): Narendra Modi, Prime Minister of India