Fossil Fuel Finance: Prioritizing Subsidies Over Climate Aid

In 2023, developed nations spent $378 billion on fossil fuel subsidies, exceeding the $300 billion pledged for climate aid to developing countries by 2035. Critics argue this undermines climate goals, as fossil fuels remain major greenhouse gas contributors. Redirecting these funds may better support climate commitments.

Despite pledging significant climate aid, developed countries prioritized fossil fuel subsidies, spending $378 billion in 2023. This amount surpasses the $300 billion they committed to developing nations by 2035 to combat climate change.

Data from the International Institute for Sustainable Development indicates that in 2023, global government support for fossil fuels reached $1.5 trillion, a near-record high. This trend highlights a stark contrast between climate objectives and fiscal practices.

Critics from the developing world called the $300 billion commitment insufficient, urging a redirection of fossil fuel subsidies towards fulfilling international climate finance promises.

(With inputs from agencies.)