World governments agreed to phase out fossil fuel subsidies at COP26, but subsidies have actually increased from US$2 trillion to US$7 trillion. European Union countries will push for a 2030 deadline to phase out subsidies at this year's climate gathering in Dubai.
World governments agreed at the COP26 climate summit in Glasgow two years ago to phase out "inefficient" fossil fuel subsidies to help fight global warming . However, global fossil fuel subsidies have actually increased from US$2 trillion to US$7 trillion, according to the International Monetary Fund. European Union countries will be pushing for a deadline of 2030 to phase out the subsidies at this year's climate gathering in Dubai, but it is uncertain how much support the proposal will receive.
China has the highest fossil fuel subsidies in the world at US$2.2 trillion in 2022, accounting for 12.5% of the country's total GDP
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