In 2022, G20 countries, the world’s biggest economies and mostly responsible for current GHG emissions, gave a record $1.4 trillion of public money to support fossil fuels like coal, oil, and gas.
These countries had agreed to reduce fossil fuel investments and support at the COP26 climate summit in 2020. Fossil fuels contribute to air pollution and climate change, causing harm to people’s health and the environment. Despite these negative impacts, governments still provided subsidies, investments, and loans to fossil fuel industries, totalling more than $1 trillion.
This funding is much higher than in previous years, and experts are concerned that this contradicts efforts to address climate change. They suggest that governments should redirect these funds towards cleaner alternatives and set higher taxes on carbon emissions to raise money for positive changes.
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