Shifting Public Financial Flows From Fossil Fuels to Clean Energy Under the Paris Agreement

This report is a submission by the International Institute for Sustainable Development (IISD) Energy Program to the first UNFCCC Global Stocktake. It evaluates the progress of shifting public financial flows—including subsidies, state-owned enterprise investments, and public lending—away from fossil fuels and toward clean energy in alignment with the Paris Agreement.

• Fossil fuel subsidies have increased since the 2015 Paris Agreement, surpassing USD 1 trillion for the first time in 2022. Specifically, subsidies were USD 543 billion in 2015 and rose to USD 732 billion in 2021, representing a 35% increase.
• Fossil fuel subsidies obstruct the Paris Agreement by incentivizing the production and consumption of fossil fuels, increasing greenhouse gas emissions, and distorting the investment landscape for clean energy technologies. While often justified as support for low-income households, research indicates the primary benefits frequently go to the wealthiest groups.
• To successfully shift public financial flows toward clean energy, the report recommends improving transparency, enhancing the accountability of global commitments, and implementing national-level planning focused on pricing, impact management, and building support.

APA

Gerasimchuk,, I. U. F. B. (2023). Shifting Public Financial Flows From Fossil Fuels to Clean Energy Under the Paris Agreement. International Institute for Sustainable Development. https://www.iisd.org/publications/report/global-stocktake-shifting-public-financial-flows

Chicago

Gerasimchuk,, Indira Urazova,Susanne Flinner,Christopher Beaton,Ivetta. Shifting Public Financial Flows From Fossil Fuels to Clean Energy Under the Paris Agreement. International Institute for Sustainable Development, 2023. https://www.iisd.org/publications/report/global-stocktake-shifting-public-financial-flows.

Wikipedia

{{cite report |last1=Gerasimchuk, |first1=Indira Urazova,Susanne Flinner,Christopher Beaton,Ivetta |title=Shifting Public Financial Flows From Fossil Fuels to Clean Energy Under the Paris Agreement |publisher=International Institute for Sustainable Development |date=15 March 2023 |url=https://www.iisd.org/publications/report/global-stocktake-shifting-public-financial-flows |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{gerasimchuk2023shifting, author = {Gerasimchuk,, Indira Urazova,Susanne Flinner,Christopher Beaton,Ivetta}, title = {{Shifting Public Financial Flows From Fossil Fuels to Clean Energy Under the Paris Agreement}}, institution = {International Institute for Sustainable Development}, year = {2023}, month = mar, url = {https://www.iisd.org/publications/report/global-stocktake-shifting-public-financial-flows}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }