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

"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."

"Fossil fuels release pollutants when burned that heat the planet and make extreme weather more violent. They also dirty the air with toxins that damage people’s lungs and other organs. Scientists estimate the air pollution from fossil fuels kills between 1 and 10 million people each year."

"In June, a report from the World Bank found that “by underpricing fossil fuels, governments not only incentivise overuse, but also perpetuate inefficient polluting technologies and entrench inequality...Of all subsidies to the energy sector, about three-quarters go to fossil fuels."

“With fossil fuel companies gaining record profits amid the energy crisis last year, there is little incentive for them to change their business models in line with what’s needed to limit global warming...But governments have the power to push them in the right direction.”

https://www.theguardian.com/environment/2023/aug/23/g20-poured-more-than-1tn-on-fossil-fuel-subsidies-despite-cop26-pledges-report
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