{"id":257059,"date":"2023-08-23T20:57:44","date_gmt":"2023-08-23T15:27:44","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=257059"},"modified":"2023-08-23T20:57:44","modified_gmt":"2023-08-23T15:27:44","slug":"g20-countries-gave-record-1-4-trillion-to-support-fossil-fuels-in-2022-report","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/g20-countries-gave-record-1-4-trillion-to-support-fossil-fuels-in-2022-report\/","title":{"rendered":"G20 countries gave record $1.4 trillion to support fossil fuels in 2022: report"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article<\/span> \u201cG20 countries gave record $1.4 trillion to support fossil fuels in 2022: report\u201d <\/b>\u00a0published in<\/span> Indian Express on 23rd August 2023.<\/b><\/p>\n

What is the News?<\/b><\/h2>\n

International Institute for Sustainable Development (IISD) and partners has released a study titled \u201cFanning the Flames: G20 Provides Record Financial Support for Fossil Fuels\u201d.<\/span><\/p>\n

What are the key findings of the study?<\/b><\/h2>\n

G20 members provided a record $1.4 trillion (approximately Rs 116 lakh crore) in public money to support fossil fuels in 2022.<\/span><\/p>\n

This support includes fossil fuel subsidies ($1 trillion), investments by state-owned enterprises ($322 billion) and lending from public financial institutions ($50 billion).<\/span><\/p>\n

While much of this was support for consumers, around one third (USD 440 billion) was driving investment in new fossil fuel production.<\/span><\/p>\n

What are the concerns raised by the study?<\/b><\/h2>\n

G20 members’ financial support for fossil fuels in 2022 is more than double the pre-Covid-19 and pre-energy crisis levels of 2019.<\/span><\/p>\n

\u2013 This support also perpetuates the world\u2019s reliance on fossil fuels, paving the way for yet more energy crises due to market volatility and geopolitical security risks.\u00a0<\/span><\/p>\n

\u2013 It also severely limits the possibilities of achieving climate objectives set by the Paris Agreement by incentivizing greenhouse gas (GHG) emissions while undermining the cost-competitiveness of clean energy.<\/span><\/p>\n

What are the recommendations given by the study?<\/b><\/h2>\n

<\/b>– Stop providing public funds to fossil fuels, except for ensuring energy access for the poorest.<\/span><\/p>\n

\u2013 Wealthier G20 nations, with higher historical emissions, should take the lead.<\/span><\/p>\n

\u2013 Encourage consumers and investors to move away from fossil fuels by setting minimum carbon taxes (between $25 and $75 per tonne of CO2) based on a country’s income.<\/span><\/p>\n

\u2013 Use the revenues from cutting subsidies and carbon pricing to help low-income households and promote clean energy.<\/span><\/p>\n

\u2013 Support developing countries through flows of finance, knowledge, capacity and technology to ensure smooth transition towards clean energy.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cG20 countries gave record $1.4 trillion to support fossil fuels in 2022: report\u201d \u00a0published in Indian Express on 23rd August 2023. What is the News? International Institute for Sustainable Development (IISD) and partners has released a study titled \u201cFanning the Flames: G20 Provides Record Financial Support for… Continue reading G20 countries gave record $1.4 trillion to support fossil fuels in 2022: report<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,4182,9],"tags":[10500],"class_list":["post-257059","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-environment","category-public","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":{"total":2,"cached_at":"","cached_date":1703276617},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/257059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=257059"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/257059\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=257059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=257059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=257059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}