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G20 members undermining climate efforts: Report
G20 members undermining climate efforts: Report

New Delhi, Oct 21 (TIWN): A new report on Thursday showed that even before the energy crisis brought about by Russia’s invasion of Ukraine, G20 government support to produce fossil fuels reached new heights at $64 bn in 2021, despite worsening impacts of the climate crisis.

The findings are detailed in the eighth annual Climate Transparency report, produced by an international partnership of organisations, to take stock of G20 climate action.

Wider G20 government fossil fuel subsidies had fallen to $147 billion in 2020, they rose again by 29 per cent to $190 billion in 2021, according to data from the Organisation of Economic Co-operation and Development (OECD).

Subsidies have continued to rise into 2022, partly because of the Russian invasion of Ukraine triggering skyrocketing energy prices, which have also supercharged profits for energy companies.

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