Fossil fuel consumption subsidies worldwide soared in 2022, rising above USD 1 trillion for the first time, according to new IEA estimates, as turmoil in energy markets sent fuel prices in international markets well above what was actually paid by many consumers.
Last year’s record subsidies – amid the global energy crisis triggered by Russia’s invasion of Ukraine – were double their 2021 levels, which were already almost five times those seen in 2020.
The global energy crisis pushed fossil fuel consumption subsidies to an all-time high in 2022 – Analysis - IEAhttps://www.iea.org/commentaries/the-global-energy-crisis-pushed-fossil-fuel-consumption-subsidies-to-an-all-time-high-in-2022?