G20: subsidizing fossil fuels and more global burning

G20 nations broke records in 2022 subsidizing fossil fuel: $1.4 TN in 2022 — more than twice what they have invested in sustainable energy.

Clearly, fossil fuel subsidies help the greedy special interests whose carbon emissions are smothering our planet drag us towards mass extinction from the ‘runaway greenhouse‘. Equally clearly, members of governments approving and providing these subsidies must be getting something in return.

Ajit Niranjan, 23/08/2023 in The Guardian

G20 poured more than $1tn into fossil fuel subsidies despite Cop26 pledges – report

Public money still flowing into industry despite agreement to phase out ‘inefficient’ subsidies, thinktank says

The G20 poured record levels of public money into fossil fuels last year despite having promised to reduce some of it, a report has found.

The amount of public money flowing into coal, oil and gas in 20 of the world’s biggest economies reached a record $1.4tn(£1.1tn) in 2022, according to the International Institute for Sustainable Development (IISD) thinktank, even though world leaders agreed to phase out “inefficient” fossil fuel subsidies at the Cop26 climate summit in Glasgow two years ago.

The report comes ahead of a meeting of G20 countries in Delhi next month that could set the tone for the next big climate conference, which takes place in the United Arab Emirates in November.

It is crucial that leaders put fossil fuel subsidies on the agenda, said Tara Laan, a senior associate with the IISD and lead author of the study. “These figures are a stark reminder of the massive amounts of public money G20 governments continue to pour into fossil fuels – despite the increasingly devastating impacts of climate change.”

Read the complete article to see the comparison with spending on sustainable energy!

Considering the world as a whole, the International Monetary Fund thinks that fossil fuel is subsidized by A LOT! more than $1tn.


Simon Black, Ian Parry, Nate Vernon, 24/08/2023 in IMF Blog

Fossil Fuel Subsidies Surged to Record $7 Trillion

Scaling back subsidies would reduce air pollution, generate revenue, and make a major contribution to slowing climate change.

Fossil-fuel subsidies surged to a record $7 trillion last year as governments supported consumers and businesses during the global spike in energy prices caused by Russia’s invasion of Ukraine and the economic recovery from the pandemic.

As the world struggles to restrict global warming to 1.5 degrees Celsius and parts of Asia, Europe and the United States swelter in extreme heat, subsidies for oil, coal and natural gas are costing the equivalent of 7.1 percent of global gross domestic product. That’s more than governments spend annually on education (4.3 percent of global income) and about two thirds of what they spend on healthcare (10.9 percent).

As the Chart of the Week shows, fossil-fuel subsidies rose by $2 trillion over the past two years as explicit subsidies (undercharging for supply costs) more than doubled to $1.3 trillion. That’s according to our new paper, which provides updated estimates across 170 countries of explicit and implicit subsidies (undercharging for environmental costs and forgone consumption taxes). Download detailed data for different countries and fuels here.

Read the complete article or follow links above.

The longer this evil cycle continues the less likely our escape from the dead-end road ending in Earth’s hothouse hell becomes. Seemingly, the only way we can find a side-road to a sustainable future is by replacing our present puppet governments with people committed to representing the interests of those who voted for them.

The only for them to know they will be replaced if they don’t do this is if for everyone who thinks this to tell their government representatives by post, email, phone, or old-fashioned knocking on the electoral office door. Only if enough people do this to convince special interest supporters that they really will be out of a job, will they begin to take the climate emergency seriously.

It is in your hands to start this action. VoteClimateOne.Org has the addresses and information you need to do this, and many other climate or energy action groups can also help you to power your tangible demands for action.

If you want to understand the climate crisis, see what VoteClimateOne.Org is telling our federal and state governments, and Climate Sentinel News for the real evidence of what is going on with the climate:

If you reference any of our evidence in your petitions to government member, they will know that a lot more people than you will be working to remove them from office if they don’t respond with serious climate action. See ACT NOW! and Traffic Light Voting.

Posted by William P. Hall

Some call me a 'climate scientist'. I'm not. What I am is an 'Earth systems generalist'. Born in 1939, I grew up with passionate interests in both science and engineering. I learned to read from my father's university textbooks in geology and paleontology, and dreamed of building nuclear powered starships. Living on a yacht in Southern California I grew up surrounded by (and often immersed in) marine and estuarine ecosystems while my father worked in the aerospace engineering industry. After studying university physics for three years, dyslexia with numbers convinced me to change my focus to biology. I completed university as an evolutionary biologist (PhD Harvard, 1973). My principal research project involved understanding how species' genetic systems regulated the evolution and speciation of North America's largest and most widespread lizard genus. Then for several years as an academic biologist I taught a range of university subjects as diverse as systematics, biogeography, cytogenetics, comparative anatomy and marine biology. In Australia, from 1980, I was involved in various activities around the emerging and rapidly evolving microcomputing technologies culminating in 2 years involvement in the computerization of the emerging Bank of Melbourne. In 1990 I joined a startup engineering company that had just won the contract to build a new generation of 10 frigates for Australia and New Zealand. In 2007 I retired from the head office of Tenix Defence, then Australia's largest defence engineering contractor, after a 17½ year career as a documentation and knowledge management systems analyst and designer. At Tenix I reported to the R&D manager under the GM Engineering, and worked closely with support and systems engineers on the ANZAC Ship Project to solve documentation and engineering change management issues that risked the project 100s of millions of dollars in cost and years of schedule overruns. All 10 ships had been delivered on time, on budget to happy customers against the fixed-price and fixed schedule contract. Before, during, and after these two main gigs I also did a lot of other things that contribute to my general understanding of complex dynamical systems involving multiple components with non-linear and sometimes chaotically interacting components; e.g., 'Earth systems'. Earth's Climate System is the global heat engine driven by the transport and conversions of energy between the incoming solar radiation striking the planet, and the infrared radiation of heat away from the planet to the cold dark universe. As Climate Sentinel News Editor, my task is to identify and understand quirks and problems in the operation of this complex heat engine that threaten human existence, and explain to our readers how they can help to solve some of the critical issues that are threatening their own existence.

Views expressed in this post are those of its author(s), not necessarily all Vote Climate One members.