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Governments worldwide spent $1.7 trillion of public money on fossil fuels, a new report finds

In 2022, governments globally issued more than $1.7 trillion in public money to support fossil fuels, through subsidies, investments by state-owned enterprises, and lending from public financial institutions, a new analysis found. Simultaneously, financial support for renewable energy generation, grid integration of clean energy and battery storage increased, according to the International Institute for Sustainable Development. But it remains insufficient to limit global warming to 1.5°C, it added.
IISD in the news November 23, 2023

Global fossil fuel subsidies on the rise despite calls for phase-out

World governments agreed at the COP26 climate summit in Glasgow two years ago to phase out "inefficient" fossil fuel subsidies to help fight global warming. Since then, however, global fossil fuel subsidies have risen $2 trillion to $7 trillion, according to the International Monetary Fund, as governments around the world moved to protect consumers from rising energy prices. At this year's climate gathering in Dubai, EU countries will be looking to harden the COP26 deal to phase out the subsidies by pushing for a deadline of 2030 to get it done, but it is unclear how much support the proposal will gain.
IISD in the news November 23, 2023

Gas Prospects in Colombia

This brief assesses the economic and energy case for exploring offshore gas reserves in Colombia, such as those of Gorgon and Uchuva.
Brief November 23, 2023

IISD-ELA youth engagement officer recognized for conservation efforts

Emily Kroft has been named one of the 30 Under 30 Conservation Leaders of 2023 by Corporate Knights magazine, a quarterly publication focused on climate change, responsible investing and green corporate citizenship. Kroft said she has been involved with environmental advocacy since she was "around 13." She said she was viewed as the "kid advocate" throughout her post-secondary years, and is now a water policy and youth engagement officer with the International Institute for Sustainable Development-Experimental Lakes Area, working on the IISD Next program.
IISD in the news November 22, 2023

Canada won't get to net zero without an emissions cap on oil and gas, researchers say

The oil and gas sector is being increasingly scrutinized for its contribution to the climate crisis, as it is estimated that this particular industry is responsible for more than 75 per cent of global greenhouse gas emissions and nearly 90 per cent of all carbon dioxide emissions, according to the United Nations. While many producers have said they are committed to the global goal of net-zero emissions by 2050, with production of oil and gas expected to continue to ramp up for the foreseeable future, it’s difficult to see how this will be achieved.
IISD in the news November 22, 2023