Governments across the G20 countries are estimated to be spending $88 billion every year subsidising exploration for fossil fuels. Their exploration subsidies marry bad economics with potentially disastrous consequences for climate change. In effect, governments are propping up the development of oil, gas and coal reserves that cannot be exploited if the world is to avoid dangerous climate change.
This report identifies billions of dollars in subsidies for fossil fuel exploration from the world's wealthiest countries. This government support for expanding oil, gas, and coal reserves continues despite a 2009 commitment by G20 countries to phase out inefficient fossil fuel subsidies, a pledge that has been repeatedly reiterated since then, including by G7 leaders in their June 2014 declaration.