- The eighth edition of the Climate Transparency report was released recently.
- The report, which assessed the climate actions by G20 countries found that the members’ support to produce fossil fuels have reached new heights at 64 billion USD in 2021, despite the worsening of climate crisis.
- Wider government fossil fuel subsidies, which shrunk to 147 billion USD in 2020, rose back again by 29 per cent to 190 billion USD in 2021.
- The subsidies continue to spike into 2022, partly because of the Russian war in Ukraine causing inflation in energy sector, which has increased profits of energy manufacturers.
- G20 members with highest total subsidies for fossil fuels are China, Indonesia and the United Kingdom.
- These subsidies are contributing to the global temperature surpassing the 1.5 degrees Celsius warming limit agreed under the Paris Agreement and reaffirmed in 2021 at the COP26 held in Glasgow.
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