G20 spent record US$1.4 trillion on fossil fuels in 2022: report - South China Morning Post
G20 spent record US$1.4 trillion on fossil fuels in 2022 despite climate change pledges: report | South China Morning Post
A man rides his cart past a wall mural with India’s G20 summit logo in New Delhi on Tuesday. Photo: AFP
G20 spent record US$1.4 trillion on fossil fuels in 2022 despite climate change pledges: report
- The amount included subsidies worth US$1 trillion, which nations provided by retailing fossil fuels such as crude oil at a discounted rate to international prices
- Support for fossil fuels last year was more than four times the average in the previous decade, the report said
A man rides his cart past a wall mural with India’s G20 summit logo in New Delhi on Tuesday. Photo: AFP
Related Knowledge Center: Climate diplomacy
Talks are well underway in preparation for the next major international meeting on climate change, 28th Conference of the Parties (COP28), scheduled to begin Nov. 30 in the United Arab Emirates.
Much like last year’s COP27, finances — specifically, aid to developing nations — will be at the center of conference deliberations.
The conference faces an even greater sense of urgency brought on by the Sept. 8, 2023, release of the first global stocktake, which calls for accelerated action to meet the goals set in the 2015 Paris Climate Agreement (COP21).
Climate diplomacy: COP 27 | Climate diplomacy: COP 28 | Climate diplomacy: COP 29