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

Coal at Newcastle, Australia, the world’s largest coal exporting port. Scientists estimate the air pollution from fossil fuels kills up to 10 million people a year. Photograph: Saeed Khan/AFP/Getty

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.

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.”

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.

But beyond the overlooked costs to society, governments have lowered prices further by supporting fossil fuel producers and their customers with public money. The report found G20 governments last year provided fossil fuels $1tn in subsidies, $322bn in investments by state-owned enterprises and $50bn in loans from public finance institutions.

The total amount was more than double what they had provided in 2019, the authors found.

of all subsidies to the energy sector, about three-quarters go to fossil fuels

G20 leaders agreed to phase out inefficient fossil fuel subsidies “over the medium term” as far back as 2009. At the Cop26 climate summit a decade later, world leaders agreed to accelerate these efforts.

But since then, living costs have risen sharply as a result of the Covid-19 pandemic and the Russian invasion of Ukraine. The latter sparked an energy crisis that prompted many governments to intervene in the costs of fuel and cap energy bills.

Scientists and doctors have long warned of the dangers of subsidising fuels that kill people while also blocking efforts to clean up economies. More recently, energy experts and economists have joined the chorus of voices calling fossil fuel subsidies into question.

In February, a report from the International Energy Agency found the scale of fossil fuel subsidies in 2022 was a “worrying sign for energy transitions”, though it argued some of the measures could be defended as social or political necessities “given the hardship that full exposure to market-driven prices could have caused”.

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”.

The authors also found that of all subsidies to the energy sector, about three-quarters go to fossil fuels.

“There is huge potential in subsidy reform,” said Richard Damania, chief economist of sustainability group at the World Bank

“There is huge potential in subsidy reform,” said Richard Damania, chief economist of a sustainability group at the World Bank and lead author of the study. “By repurposing wasteful subsidies, we can free up significant sums that could instead be used to address some of the planet’s most pressing challenges.”

He added: “Governments should prioritise reforms that build public acceptance, protect the most vulnerable, and show how the money is being spent to meaningfully improve people’s lives.”

The IISD found that by setting a higher carbon tax of $25-75 per ton of greenhouse gases, G20 governments could raise an extra $1tn a year.

The IISD found that by setting a higher carbon tax of $25-75 per ton of greenhouse gases, G20 governments could raise an extra $1tn a year.

To offset the costs to vulnerable people living in poverty, the authors recommended targeted welfare payments to those who need it most. They also recommended world leaders drop the qualifier “inefficient” from their promise to phase out fossil fuel subsidies, and instead name exceptional cases where they would be justified.

The IISD also called on G20 leaders to end fossil fuel subsidies in rich countries by 2025 and in the rest by 2030.

“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,” said Laan. “But governments have the power to push them in the right direction.”

“With fossil fuel companies gaining record profits amid the energy crisis last year, there is little incentive for them to change … But governments have the power to push them in the right direction.”

Fossil fuels being subsidised at rate of $13m a minute, says IMF

Oil, gas and coal benefited from $7tn in support in 2022 despite being primary cause of climate crisis

The IMF analysis found the total subsidies for oil, gas and coal in 2022 were $7tn (£5.5tn). That is equivalent to 7% of global GDP and almost double what the world spends on education. Countries have pledged to phase out subsidies for years to ensure the price of fossil fuels reflects their true environmental costs, but have achieved little to date.

Explicit subsidies, which cut the price of fuels for consumers, doubled in 2022 as countries responded to the higher energy prices resulting from Russia’s war in Ukraine. Rich households benefited far more from these than poor ones, the IMF said. Implicit subsidies, which represent the “enormous” costs of the damage caused by fossil fuels through climate change and air pollution, made up 80% of the total.

Ending the subsidies should be the centrepiece of climate action, the IMF said, and would put the world on track to restrict global heating to below 2C, as well as preventing 1.6 million air pollution deaths a year and increasing government revenues by trillions of dollars. The researchers acknowledged that subsidy reform was politically difficult, but said carefully designed policies that supported poorer households could work, especially if coordinated internationally.

The IMF’s findings come as the climate crisis wreaks havoc across the world, from heatwaves, wildfires and floods from the Americas to Europe to Asia.

Cutting fossil fuel subsidies “needs to be the centrepiece of efforts over the next few years to get on track with limiting global warming to below 2C”, said Ian Parry of the IMF. “Ideally this is done through carbon pricing [and] some of the revenues from reforms should be used to compensate poor and vulnerable households.

“We are in this situation because it can be very difficult to increase taxes on fossil fuels, not least when countries are acting unilaterally,” he said. “We recommend that large emitting countries coordinate on carbon pricing or similar policies to help scale up global action.”

Ipek Gençsü, a subsidies expert at the ODI thinktank, said: “The IMF report shows that, at a time when the world is starting to experience worsening impacts of climate change, governments continue to pour fuel on to the fire by providing record levels of subsidies for fossil fuels.

“If we are to have any chance of avoiding irreversible and tragic consequences of climate change, governments simply have to show bolder leadership, by phasing out their support for production and consumption of fossil fuels.”

The G20 nations, which cause 80% of global carbon emissions, pledged to phase out “inefficient” fossil fuel subsidies in 2009. However, the G20 poured a record $1.4tn (£1.1tn) into fossil fuel subsidies in 2022, according an estimate by the International Institute for Sustainable Development thinktank. The World Bank reported in June that fossil fuel and agricultural subsidies combined could amount to $12tn (£9.5tn) a year and were causing “environmental havoc”.

Canada recently announced plans to end some fossil fuel subsidies. Nigeria, which had been spending four times more on petrol subsidies than on healthcare, removed them in May. However, past subsidy removals often have been reversed after protests.

The IMF analysis found petrol and other oil products accounted for half of explicit subsidies in 2022, with coal accounting for 30% and fossil gas 20%. The biggest subsidisers of fossil fuels were China, the US, Russia, the EU and India. Coal was particularly heavily subsidised, with 80% of it sold at less than half its true cost.

The researchers said the estimate of the total fossil fuel subsidies in 2022 would have been much higher – about $12tn – if they had used higher climate damage costs that were recently published.

The analysis calculated that ending fossil fuel subsidies would cut emissions by 34% by 2030 compared with 2019 levels, representing a large chunk of the 43% cut needed to have a good chance of keeping global heating below 1.5C.

The researchers said that for subsidy reform policies to avoid political backlash and be successful they needed to be phased in gradually, provide financial support to those on low incomes and use the increased revenues productively.

The World Bank report said: “Although [cutting subsidies] will entail demanding policy reforms, the costs of inaction will be far higher.”

REPORT

Fanning the Flames: G20 provides record financial support for fossil fuels

This digital story provides the latest evidence regarding the extent to which the G20, as a whole, has made progress in aligning public financial flows with the need to reduce greenhouse gas emissions. The first four sections cover the main types of support for fossil fuels: subsidies, investments by state-owned enterprises, lending from public financial institutions, and under-taxation. The final two sections examine progress on renewable energy subsidies and investments. Each section contains recommendations for the G20.

By Tara Laan, Anna Geddes, Natalie Jones, Olivier Bois von Kursk, Natalie Jones, Kjell Kuehne, Livi Gerbase, Claire O’Manique, Deepak Sharma, Lorne Stockman on August 22, 2023

The 2022 energy price crisis catapulted public financial support for fossil fuels to new levels. G20 governments were quick to cushion the effects of peaking fossil fuel prices and bolster energy supplies, providing a staggering USD 1.4 trillion in the form of subsidies (USD 1 trillion), investments by state-owned enterprises (USD 322 billion), and lending from public financial institutions (USD 50 trillion). While much of this was support for consumers, around one third (USD 440 billion) was driving investment in new fossil fuel production. This support perpetuates the world’s reliance on fossil fuels, paving the way for yet more energy crises due to market volatility and geopolitical security risks. It also severely limits the possibilities of achieving climate objectives set by the Paris Agreement by incentivizing greenhouse gas emissions while undermining the cost-competitiveness of clean energy. G20 governments need to shift their financial resources away from fossil fuels to instead provide targeted, sustainable support for social protection and the scaling-up of clean energy.

The 2022 energy price crisis, brought about by Russia’s invasion of Ukraine, has catapulted public financial support for fossil fuels to new levels. G20 governments were quick to cushion the effects of peaking fossil fuel prices and bolster energy supplies, providing a staggering USD 1.4 trillion in the form of subsidies, investments by state-owned enterprises (SOEs), and lending from public financial institutions (PFIs). While much of this was support for consumers, around one third (USD 440 billion) was driving investment in new fossil fuel production.

This support perpetuates the world’s reliance on fossil fuels, paving the way for yet more energy crises due to market volatility and geopolitical security risks. 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. G20 governments need to shift their financial resources away from fossil fuels to instead provide targeted, sustainable support for social protection and the scaling-up of clean energy. Maintaining fossil fuel prices that reflect the cost these fuels impose on society will be necessary to reduce fossil fuel use.

In 2009, G20 governments committed “to phas[ing] out and rationaliz[ing] over the medium term inefficient fossil fuel subsidies while providing targeted support for the poorest” (p. 3). By signing and ratifying the Paris Agreement in 2015, all G20 countriespledged to make “finance flows consistent with a pathway toward low GHG emissions and climate-resilient development” (Article 2.1(c)). Public financial flows should be the first to move: they fall directly under government influence and can leverage private financial flows.

In 2023, the G20 has an important leadership role to play in driving reform and demonstrating to the global community that commitments can and should be followed up by firm action. As G20 chair, India can confidently demonstrate global leadership in this area, having reduced its fossil fuel subsidies by 76% from 2014 to 2022 while significantly increasing support for clean energy.

This digital story provides the latest evidence regarding the extent to which the G20, as a whole, has made progress in aligning public financial flows with the need to reduce GHG emissions. The first sections examine the four main types of support for fossil fuels: subsidies, investments by SOEs, lending from PFIs, and under-taxation. The final two sections examine progress on renewable energy subsidies and investments. Each section contains recommendations for the G20.

Overarching recommendations for the G20

Act on climate commitments by eliminating all public financial flows to fossil fuels—including subsidies, investments by SOEs, and public financing—other than those necessary to provide energy access to the poorest. The boldest, fastest action should be from the G20’s highest per-capita income members, given their historical responsibility for emissions and higher emissions per unit of GDP.
Incentivize consumers and investors to shift away from fossil fuels by setting minimum carbon taxation levels of between USD 25 and USD 75 per tonne of carbon dioxide equivalent (tCO2e), depending on country income.
Use revenues from subsidy reform and carbon pricing to provide support to low-income and vulnerable households—through redistributive measures, with targeting based on income and assets—and for the rapid scale-up of clean energy.
Contribute their fair share in the delivery of a globally just transition to ensure fossil-dependent communities and energy consumers, particularly developing countries, are supported through flows of finance, knowledge, capacity, and technology.

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The IISD found that by setting a higher carbon tax of $25-75 per ton of greenhouse gases, G20 governments could raise an extra $1tn a year.

“With fossil fuel companies gaining record profits amid the energy crisis last year, there is little incentive for them to change … But governments have the power to push them in the right direction.”

Overarching recommendations for the G20