You and I are getting petrol and diesel for around Rs 100, which is considered quite expensive. But do you know that even at this price, the government has to give a huge subsidy.
Developed countries have spent billions of dollars on this. The International Institute for Sustainable Development (IISD) has said in recent data that developed countries have spent $378 billion (about Rs 30 lakh crore) on subsidizing fossil fuels in 2023.
Developing countries have committed to providing developing countries with $300 billion a year by 2035 to tackle climate change. This amount is far higher than the commitments made by developed countries. An IISD analysis shows that government support for fossil fuels could reach at least $1.5 billion by 2023. This would be the second-largest annual support since 2022, when the Russia-Ukraine war sparked a global fossil fuel price crisis.
Countries with the highest subsidies
The 10 largest countries subsidizing fossil fuels in 2023 include Russia, Germany, Iran, China, Japan, India, Saudi Arabia, the Netherlands, France and Indonesia. According to the data, 23 developed countries have spent $378 billion on fossil fuel subsidies. They are authorized under the United Nations Climate Convention to provide climate finance to developing countries.
Billions of dollars to be paid by 2035
At the UN climate summit held in Baku, Azerbaijan last month, these countries committed to giving developing countries $300 billion a year by 2035 to help fight climate change. However, this is far short of the $1,300 billion needed annually by the Global South to address the problem of a rapidly warming planet. India, Bolivia, Nigeria and Malawi, speaking on behalf of a group of 45 least developed countries (LDCs), strongly criticized the new climate finance package for developing countries.
90 percent of carbon comes from fossil fuels
India argued that $300 billion is not enough to implement national climate plans, known as nationally determined contributions. It said that adjusted for inflation, the amount is less than the previous $100 billion target agreed in 2009. Fossil fuels coal, oil and gas are the biggest contributors to climate change, responsible for more than 75 percent of global greenhouse gases and about 90 percent of all carbon dioxide emissions.
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