Fossil raw materials: billions in subsid • Table.Briefings

Investment in new oil and gas fields remains high, as do state subsidies for fossil fuels.

Although the global community decided to move away from fossil fuels at the last climate conference, companies continue to invest tens of billions in the search for new oil and gas fields. Government subsidies for fossil fuels have shot up to well over one trillion US dollars following the war in Ukraine. One positive sign comes from the financial industry.

Just a few days before the climate conference, a high-ranking COP official from the host country is still making the „many gas fields“ in Azerbaijan „that are to be developed“ attractive to investors. The country wants to increase its gas production by 30 percent over the next decade and double its exports to Europe by 2027.

Fossil raw materials: billions in subsidies instead of turning away from oil and gas

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