20.500.12592/9hvbqx
Shifting Public Financial Flows From Fossil Fuels to Clean Energy Under the Paris Agreement
15 March 2023
Summary
The first UNFCCC Global Stocktake process-which will conclude at COP28 in Dubai-intends to evaluate progress towards achieving the goals of the Paris Agreement and increase national ambitions to speed up climate action. This report is the IISD Energy Program's submission to the first Global Stocktake, assessing global progress made on shifting public finance flows from fossil fuels toward clean energy. It finds that despite the countries' pledges, fossil fuel subsidies have continued to rise since 2015—exceeding USD 1 trillion for the first time in 2022—and provides recommendations to help overcome challenges to shifting public financial flows towards clean energy.
Creators/Authors
Christopher Beaton
Lead, Sustainable Energy Consumption
Ivetta Gerasimchuk
Director, Sustainable Energy
