Fossil fuel support is still growing
Joint analysis by the OECD and the IEA shows that major economies sharply increased support for the production and consumption of coal, oil and natural gas in 2021, with many countries struggling to balance pledges to phase out fossil fuel subsidies with efforts to protect households from surging energy prices.
Overall government support for fossil fuels in 51 countries worldwide rose to 697.2 USD billion in 2021, from 362.4 USD billion in 2020. In addition, consumption subsidies are anticipated to rise even further in 2022 due to higher fuel prices and energy use.
The OECD and IEA have consistently called for the phasing out of inefficient fossil fuel support. These subsidies, intended to support low-income households, often tend to favour wealthier households that use more fuel, and should therefore be replaced with more targeted forms of support.
Explore the page: Fossil fuels - Organisation for Economic Co-operation and Development
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