Burning Billions: Record public money for fossil fuels impeding climate action

The document reports that global public financial support for fossil fuels reached a record high of over USD 1.7 trillion in 2022, driven largely by USD 1.3 trillion in subsidies. It notes a discrepancy in G7 financing, where USD 20 billion was provided for fossil fuels compared to USD 10 billion for clean energy. The briefing argues that these flows contradict the Paris Agreement and COP 26 pledges, calling for a total phase-out of fossil fuel production and consumption and a shift of public finance toward clean energy and just transition measures.

• Global public financial support for fossil fuels reached a record high in 2022, exceeding USD 1.7 trillion. This support includes subsidies, investments by state-owned enterprises, and lending from public financial institutions.
• Fossil fuel subsidies specifically reached a record high of USD 1.3 trillion in 2022.
• In 2022, G7 countries provided double the amount of international public financing for fossil fuels (USD 20 billion) as they did for clean energy (USD 10 billion).

APA

Jones,, T. L. G. D. C. G. (2023). Burning Billions: Record public money for fossil fuels impeding climate action. International Institute for Sustainable Development. https://www.iisd.org/publications/report/burning-billions-record-fossil-fuels-support-2022

Chicago

Jones,, Tara Laan,Anna Geddes,Nhat Do,Laura Cameron,Siddharth Goel,Natalie. Burning Billions: Record public money for fossil fuels impeding climate action. International Institute for Sustainable Development, 2023. https://www.iisd.org/publications/report/burning-billions-record-fossil-fuels-support-2022.

Wikipedia

{{cite report |last1=Jones, |first1=Tara Laan,Anna Geddes,Nhat Do,Laura Cameron,Siddharth Goel,Natalie |title=Burning Billions: Record public money for fossil fuels impeding climate action |publisher=International Institute for Sustainable Development |date=21 November 2023 |url=https://www.iisd.org/publications/report/burning-billions-record-fossil-fuels-support-2022 |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{jones2023burning, author = {Jones,, Tara Laan,Anna Geddes,Nhat Do,Laura Cameron,Siddharth Goel,Natalie}, title = {{Burning Billions: Record public money for fossil fuels impeding climate action}}, institution = {International Institute for Sustainable Development}, year = {2023}, month = nov, url = {https://www.iisd.org/publications/report/burning-billions-record-fossil-fuels-support-2022}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }