G-20 Member States More Than Doubled Fossil-Fuel Support in 2022 to $1.3 Trillion

credit: medfordartscouncil blogspot

In the fight against climate change, governments around the world are putting their money where their mouth is, according to a new report from Bloomberg.

In 2017, governments and state-owned companies in the 20 countries that make up the G20 gave more than $1 trillion to fossil fuel producers and consumersa quarter of the global totaleven as their own emissions rose by 8%, the Washington Post reports.

"To blunt the worst health and economic harms of climate change, the world needs more governments to step up and stick to their pledges' and end fossil fuel subsidies," says Victoria Cuming, head of global policy at Bloomberg.

Of that, $250 billion went to fossil fuel-fired power, with $21 billion going to coal.

"Oil and gas producers and consumers attracted just over $1 trillion in public support in 2022," the report states.

"That's 10 times the actual volume of solar power plants across the G20 last year and is approximately the same size as the entire power-plant fleet of North and South America combined."

The report was released ahead of the United Nations climate change summit in Poland this week.

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