At COP26 in 2021, member countries agreed to accelerate “the phase-out of unabated coal power and of inefficient subsidies for fossil fuels” in a bid to slow climate change.

But according to the think tank International Institute for Sustainable Development (IISD), subsidies the following year from G20 countries reached $1tn – over four times the amount provided in 2021.

Much of the total support provided was for consumers, but around one-third ($440bn) was driving investment in new fossil fuel production. Many production facilities such as oil wells or coal mines are expected to operate for many decades – long after the current energy crisis is expected to be over.

According to the report: “This support perpetuates the world’s reliance on fossil fuels, paving the way for yet more energy crises due to market volatility and geopolitical security risks.”

It urges G20 governments to shift their financial resources away from fossil fuels and towards targeted...