Fossil Fuel Subsidies Spiked To Record High In 2022

1. Fossil Fuel Subsidies Peaked Last Year Amidst Surging Prices- According to the IEA, global spending on fossil fuel subsidies surpassed $1 trillion last year as governments across the globe sought to mitigate the impact of soaring commodity prices. - As such, spending on fossil fuel subsidies was more than double the total global investment in renewable energy sources, with the most marked increase coming from the power sector. - Arguably the most price-impacted region amidst the Russia-Ukraine war, the European Union alone spent $349 billion…