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'The Insanity Continues': Global Fossil Fuel Subsidies Nearly Doubled in 2021
https://www.commondreams.org/news/2022/09/01/insanity-continues-global-fossil-fuel-subsidies-nearly-doubled-2021'The Insanity Continues': Global Fossil Fuel Subsidies Nearly Doubled in 2021
JAKE JOHNSON
September 1, 2022
An analysis published this week found that government subsidies bolstering the production and consumption of coal, oil, and gas nearly doubled in 2021, even as climate scientists warned that fossil fuel development must be rapidly cut off if the international community is to have any hope of stopping runaway planetary warming.
Data compiled by the Organization for Economic Cooperation and Development (OECD) and the International Energy Agency (IEA) shows that 51 governments around the world—including the United States, Germany, Canada, China, Russia, and Saudi Arabia—provided a combined $697.2 billion in tax breaks and other handouts to the fossil fuel industry last year, up from $362.4 billion in 2020.
The International Monetary Fund has estimated that total global fossil fuel subsidies amounted to nearly $6 trillion in 2020.
"The insanity continues," climate scientist Bill McGuire tweeted in response to the new figures.
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