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This report, submitted by the International Institute for Sustainable Development (IISD) to the UNFCCC First Global Stocktake, analyzes the failure of governments to align public financial flows with the Paris Agreement. It argues that public support for fossil fuels remains high and often increases, creating a financial barrier to clean energy deployment. The document provides evidence of subsidy trends, the impact of COVID-19 recovery packages, and offers a framework for fossil fuel subsidy reform (FFSR) to accelerate the energy transition while ensuring social equity.