Despite global commitments to transition away from fossil fuels, a new IMF report reveals that subsidies for oil and gas hit a record $7 trillion in 2022, driven by an energy crisis and political considerations.
BP's CEO Bernard Looney and even the most pro-transition governments believe investing in immediate energy needs, like oil and gas, is essential, leading to record subsidies in 2022.
Just two years ago, such a statement from Looney would have caused a shock. The then-new CEO of the supermajor had wholeheartedly embraced the energy transition and had big plans for BP's expansion into virtually every facet of it. Interestingly, the IMF report comes out just days after another organization, the International Institute for Sustainable Development, a climate think tank,the G20 for failing to end oil and gas subsidies despite pledges made at the COP26 two years ago.
That was the year when even the German government—the poster boy of the energy transition—began subsidizing fuels to avoid an even worse standard of living crisis than it already had on its hands. All European governments did the same. That is how global subsidies for coal, oil, and gas soared to all-time highs.
"Full fossil fuel price reform would reduce global carbon dioxide emissions to an estimated 43 percent below baseline levels in 2030 , while raising revenues worth 3.6 percent of global GDP and preventing 1.6 million local air pollution deaths per year."
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