IISD: ‘Governments spent record budget to support fossil industry’

Hilde Van Raemdonck

November 23, 2023

The study focused on government financial support to fossil fuel production and consumption, namely subsidies, capital investment by fossil fuel state-owned enterprises (SOEs) and international public financing /IISD

In 2022, governments worldwide spent a record amount of money – more than 1 500 billion euros – to support the fossil industry. Most of the money (1 200 billion euros) went to fossil fuel subsidies, but last year, many more investments went to renewable energy than was previously the case. T
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