Richest countries spent $74 billion on fossil fuel subsidies in 2011, eclipsing climate finance by seven times

In 2011, the top 11 richest carbon emitters spent an estimated $74 billion on fossil fuel subsidies, or seven times the amount spent on fast-track climate financing to developing nations, according to a recent report by the Overseas Development Institute. Worldwide, nations spent over half a trillion dollars on fossil fuel subsidies in 2011 according to the International Energy Agency (IEA). “The status quo encourages energy companies to continue burning high-carbon fossil fuels and offers no incentive to change,” said the report’s author Shelagh Whitley. “We’re throwing money at policies that are only going to make the problem worse in the long run by locking us into dangerous climate change.”

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On Sept 19, 2023 ahead of the Climate Ambition Summit in New York City, climate activists gathered for a rally and civil disobedience outside Bank of America Tower in Midtown Manhattan as part of the March to End Fossil Fuels wave of actions resulting in multiple arrests. Activists demand Bank of America to “Defund Climate Chaos and Defend Human Rights” Photo: Erik McGregor (CC BY-NC 2.0 Deed)

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Let’s Save Each Other

Illustration by Stephanie McMillan. Used with permission