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

This briefing from the International Institute for Sustainable Development analyzes global public financial flows to fossil fuels and clean energy in 2022, highlighting a record high in support for fossil fuels and a gap between climate commitments and implementation ahead of COP 28.

• 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, the G7 provided USD 20 billion in international public financing for fossil fuels, which was double the USD 10 billion provided for clean energy.

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} }