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 it. 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 fossil fuel subsidies in 2023.
Developing countries have committed $300 billion a year by 2035 to developing countries to combat climate change. This amount is much more 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 boost since 2022, when the Russia-Ukraine war sparked a global fossil fuel price crisis.
The most subsidized countries
The 10 largest fossil fuel subsidizing countries in 2023 include Russia, Germany, Iran, China, Japan, India, Saudi Arabia, the Netherlands, France and Indonesia. According to the statistics, 23 developed countries spent 378 billion dollars on fossil fuel subsidies. They are authorized under the United Nations Climate Change Convention to provide climate finance to developing countries.
Billions of dollars will have to be paid by 2035
At the United Nations Climate Change Conference held in Baku, Azerbaijan last month, these countries pledged to give $300 billion a year to developing countries until 2035 to help fight climate change. However, this is a rapidly warming planet. is far short of the $1,300 billion the Global South needs annually to address the problem of India, Bolivia, Nigeria and Malawi, speaking on behalf of the 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 has argued that $300 billion is not enough to implement national climate plans, known as nationally determined contributions. Adjusted for inflation, the amount is lower than the previous $100 billion target agreed in 2009, it said. . Fossil fuels coal, oil and gas are the largest contributors to climate change, accounting for more than 75 percent of global greenhouse gases and nearly 90 percent of all carbon dioxide emissions.