Fossil subsidies double to over 1 Trillion USD – renewables are left in the dust while the climate spins out of control.
The International Energy Agency (IEA) has published its Fossil Fuels Consumption Subsidies 2022 Report, which analyzes the impact of government support for fossil fuels in the form of subsidies. The report provides an estimate for the year 2022, which suggests that subsidies for natural gas and electricity consumption more than doubled compared with 2021, while oil subsidies rose by around 85%.
The report further notes that the continued use of fossil fuel subsidies undermines global efforts to achieve the Sustainable Development Goals (SDGs) by 2030, including access to affordable, reliable, sustainable, and modern energy for all. The IEA’s Fossil Fuels Consumption Subsidies 2022 Report highlights the ongoing need for global action to phase out fossil fuel subsidies, redirect support towards clean energy, and address the climate crisis.