G-20 nations spend US$88b a year on fossil-fuel exploration

London

THE G-20 group of major economies spend US$88 billion a year on fossil-fuel exploration, five years after pledging to phase out industry subsidies, a study showed.

Spending of US$17 billion and US$11.3 billion by state-backed oil companies Saudi Arabian Oil Co and Petroleo Brasileiro SA are the biggest components in the funding compiled by the Overseas Development Institute and Oil Change International. The total also includes subsidies and tax breaks from governments, and public financing through development banks.