Governments pledged to end fossil fuel subsidies. Instead, they've doubled down, as subsidies hit record $1.3 trillion
Despite government pledges to reduce fossil fuel subsidies, a report by the International Monetary Fund (IMF) reveals that such subsidies reached a record $1.3 trillion in 2022, with implicit subsidies bringing the total to $7 trillion, highlighting the discrepancy between nations' stated goals and their actions to cut back on fossil fuels.