Governments across the G20 countries are estimated to be spending $88 billion every year subsidising exploration for fossil fuels. This report documents, for the first time, the scale and structure of fossil-fuel exploration subsidies in the G20 countries. The evidence points to a publicly financed bailout for carbon-intensive companies, and support for uneconomic investments that could drive the planet far beyond the internationally agreed target of limiting global temperature increases to no more than 2ºC.