'This support perpetuates the world's reliance on fossil fuels, paving the way for yet more energy crises due to market volatility and geopolitical security risks.'
IISD's report estimates that G20 governments provided a record $1.4 trillion in support for fossil fuels last year, including subsidies and loans from public financial institutions.
The researchers noted that the surge in fossil fuel subsidies—which quadrupled in 2022 compared to the previous year—was "largely due to a dramatic expansion in consumer support in response to peaking fossil fuel prices."
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