Fossil fuel subsidies in G7 countries grow despite reduction pledges – report
The G7 group of industrialised nations failed on a 2016 pledge to phase out "inefficient fossil fuel subsidies" by 2025, according to a report commissioned by NGO Greenpeace Germany. Instead, the total volume of fossil fuel subsidies rose 15 percent from 1.18 trillion dollars in 2016 to 1.36 trillion dollars in 2023, according to the analysis of International Monetary Fund (IMF) data carried out by economic think tank Forum Ökologisch-Soziale Marktwirtschaft (FÖS).
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