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At the height of the global energy crisis in 2022, fossil fuel subsidies soared to new heights. Those for natural gas and electricity consumption more than doubled compared with 2021, while oil subsidies rose by around 85%. The total value of subsidies declined in 2023 as some government provisions expired.
The IEA has long described fossil fuel subsidies as a ‘roadblock’ on the way to a clean energy system and provided data and advice to support their removal. The methodology that we use establishes a market reference price for different fossil fuels – and for electricity produced from these fuels – and then compares that with the price ...
In addition to these consumption subsidies, the IEA has tracked more than USD 500 billion in extra spending to reduce energy bills in 2022, mainly in advanced economies, with around USD 350 billion of this in Europe.
Global renewable capacity is expected to grow by 2.7 times by 2030, surpassing countries’ current ambitions by nearly 25%, but it still falls short of tripling. Climate and energy security policies in nearly 140 countries have played a crucial role in making renewables cost-competitive with fossil-fired power plants.
In 2022, renewable energy supply from solar, wind, hydro, geothermal and ocean rose by close to 8%, meaning that the share of these technologies in total global energy supply increased by close to 0.4 percentage points, reaching 5.5%. Modern bioenergy's share in 2022 increased by 0.2 percentage points, reaching 6.8%.
The Renewable Energy Finance and Subsidy Office (REFSO) was set up within the DME to handle the programme. REFSO manages various renewable energy subsidies, from both national and international sources, and provides advice to developers and other stakeholders on renewable energy finance and subsidies.
Subsidies database A time series of fossil fuel consumption subsidy estimates from 2010, by country and fuel. This file also separates out the country-by-country estimates for subsidies to the transport sector.
The world is on course to add more renewable capacity in the next five years than has been installed since the first commercial renewable energy power plant was built more than 100 years ago. In the main case forecast in this report, almost 3 700 GW of new renewable capacity comes online over the 2023‑2028 period, driven by supportive ...
Renewable energy has grown rapidly in recent years, especially in the electricity sector where renewables now account for the largest power capacity additions globally. However, renewables still account for only just above 10% of final energy consumption and the energy sector remains dominated by fossil fuels.
The prime minister should present concrete proposals to speed up and streamline procedures for licensing of renewable energy projects, and strengthen energy taxation (with a focus to phase out remaining indirect fossil fuel subsidies). The government needs to increase its expertise and resource capacity for leveraging higher private investment.