Fossil fuel subsidies reached new record levels last year. High gas and gasoline prices brought consumer subsidies to over $1000 trillion for the first time.
Government subsidies for oil and gas make it harder to meet climate goals. Most of the fossil fuel subsidies included by the IEA are given in developing or emerging countries. The record support for fossil fuels comes at the same time as the UN's climate panel warns that the world is about to miss the climate goals greatly. The IEA states in another report that emissions continued to increase last year, up 1 percent.