G20 governments propping up fossil fuel exploration
The G20 pledged to phase out ‘inefficient’ fossil fuel subsidies in 2009, yet new research finds that governments are are spending $88 billion every year supporting exploration – more than double what the oil and gas companies are investing.
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The fossil fuel bailout: G20 subsidies for oil, gas and coal exploration
Elizabeth Bast, Shakuntala Makhijani, Sam Pickard, and Shelagh Whitley
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.
Country by country breakdown
How much is each G20 government spending on fossil fuel exploration?
Read more in our individual country studies for Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States.
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