Global Fossil Fuel Subsidies Hit $7 Trillion in 2022—With China, U.S. , and Russia Topping the List

In 2022, governments globally allocated around 7% of their GDP as subsidies for fossil fuels (roughly US$7 trillion). 

Top 3: China spent the most on fossil fuel subsidies last year, having spent $2.2 trillion on fossil fuel subsidies last year, surpassing the United States ($760 billion) and Russia ($420 billion). 

Together, five regions—China, the U.S., Russia, India, and the European Union—accounted for 57% of all fossil fuel subsidies.

Charts/image from Geopolitical Futures, data from IMF