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G20 BACKTRACKS ON FOSSIL FUEL FUNDING PHASE-OUT IN COVID-19 RECOVERY

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Despite repeated pledges to end inefficient fossil fuel subsidies, G20 governments’ support to fossil fuels has dropped by only 9% since 2014–2016, hitting USD 584 billion annually over the last three years, according to a report released today by the International Institute for Sustainable Development (IISD), the Overseas Development Institute (ODI), and Oil Change International (OCI). This marginal progress will likely be undone this year by billions of dollars committed to fossil fuels in response to COVID-19, researchers say.

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