G20 Fossil Fuel Subsidies Exceed $1 Trillion Since COP26

Record amounts of money are still flowing into fossil fuel subsidies two years after the world’s top economies pledged to cut them. In 2021, the UK, together with key partner Italy, hosted the COP26 climate summit, an event many believed to be the world’s best last chance to get runaway climate change under control.  A key outcome of the summit was that dozens of nations pledged to end deforestation, curb CO2 and methane emissions and also stop public investment in coal power.  Two years later, all those promises have gone…