2019 fossil fuel subsidies nearly $500 bn: OECD/IEA

Climate crisis notwithstanding, governments subsidised fossil fuels in 2019 to the tune of nearly half-a-trillion dollars, two intergovernmental agencies have…

Climate crisis notwithstanding, governments subsidised fossil fuels in 2019 to the tune of nearly half-a-trillion dollars, two intergovernmental agencies have jointly reported.

Subsidies for fossil fuel consumption alone declined $120 billion, or 27 percent, compared to 2018 due mainly to lower oil and gas prices, according to International Energy Agency (IEA) figures.

Governments that heavily support the use of oil and gas include Iran, Saudi Arabia, China, Russia, Indonesia, Egypt, India and Venezuela.

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