Fossil Fuel Subsidies Hit $1.2 Trillion in 2024, Outpacing Clean Energy Support
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A new report shows global fossil fuel subsidies and support reached $1.2 trillion in 2024, compared to $254 billion for clean energy. The data was released at the inaugural Conference on Transitioning Away from Fossil Fuels in Colombia. The conference brought together international climate and Indigenous community leaders.
Facts First
- Global fossil fuel subsidies reached $1.2 trillion in 2024, according to an International Institute for Sustainable Development (IISD) report.
- Clean energy received $254 billion in support in the same year, as detailed in the same analysis.
- The data was presented at the first Conference on Transitioning Away from Fossil Fuels, held in Santa Marta, Colombia.
- The conference included leaders from Indigenous advocacy groups like the Global Alliance of Territorial Communities (GATC).
What Happened
The International Institute for Sustainable Development (IISD) released a report revealing that in 2024, fossil fuels globally received $1.2 trillion in subsidies and other forms of support. The same report showed clean energy received $254 billion in support in 2024. The conference, held from April 24-29, included participants such as Juan Carlos Jintiach, executive secretary of the Global Alliance of Territorial Communities (GATC), and Florencia Ortúzar Greene, director of the climate program at the Inter-American Association for Environmental Defense (AIDA).
Why this Matters to You
The scale of government and financial support for fossil fuels directly impacts the pace and affordability of the global energy transition. This disparity in funding could mean a slower shift to cleaner energy sources, which may affect long-term energy prices and climate stability. For individuals, a faster transition supported by comparable investment could lead to more stable energy costs and improved public health from reduced pollution.
What's Next
The conference and its associated data may increase pressure on governments to re-evaluate their subsidy policies. Further discussions and negotiations on aligning financial flows with climate goals are likely to continue at future international meetings, including the U.N. Climate Change Conferences (COPs).