G20 nations record $1.4 trillion backing for fossil fuels in 2022, says study

  • A study reveals G20 members provided a record $1.4 trillion in public funding to support fossil fuels in 2022.
  • The amount funded ($1 trillion in subsidies, $322 billion from state-owned enterprises, and $50 billion from public financial institutions) was double pre-Covid-19 and pre-energy crisis levels of 2019.
  • The G20 Leaders’ Summit to be held in Delhi will focus on climate change, urging for elimination of public financial flows for coal, oil, and gas.
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