Global Energy Subsidies Nearly Doubled in 2021

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Adi Ahdiat 02/09/2022 12:30 WIB

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According to OECD and IEA data, in 2021 the world's largest economies spent US$697.2 billion on fossil fuel subsidies, an almost twofold increase from the previous year.

Global Fossil Fuel Subsidies (2010-2021)

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Global Energy Subsidies Nearly Doubled in 2021

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Global Fossil Fuel Subsidies (2010-2021)

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In 2021, the world's largest economies disbursed US$697.2 billion in fossil fuel subsidies. This is based on an analysis by the Organisation for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA).

"Recent OECD and IEA data show that government support for fossil fuels in 51 countries nearly doubled in 2021 as energy prices rose with the recovery of the global economy," the OECD stated in a press release on Monday, August 29, 2022.

"Furthermore, subsidies for fossil fuel consumption are expected to increase further in 2022 due to rising fuel prices and energy consumption," it continued.

In response to these findings, the IEA urged countries to reduce fossil fuel subsidies and redirect them towards renewable energy investments.

"Fossil fuel subsidies are a barrier to a sustainable future," said IEA Executive Director Fatih Birol in a press release on Monday, August 29, 2022.

"Increased investment in clean energy technologies and infrastructure is the only long-term solution to the current global energy crisis, and also the best way to alleviate the burden on consumers from high fuel costs," he concluded.

The OECD and IEA analyzed government budgets allocated to support the production and consumption of fossil fuels, including oil, natural gas, coal, and electricity.

This analysis covered G20 member countries, including Indonesia, and 33 other countries that are the largest producers and consumers of fossil fuels. According to the OECD and IEA, all analyzed countries represent 85% of total global energy supply.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Energy Subsidies Nearly Doubled in 2021

Global Energy Subsidies Nearly Doubled in 2021

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