Subsidising the Road to Hell?

A report by BloombergNEF and Bloomberg Philanthropies estimates that, since 2015, the rich G20 countries, have ploughed subsidies totalling more than $3.3tn into fossil fuels (https://www.theguardian.com/environment/2021/jul/20/g20-states-subsidised-fossil-fuels-2015-coal-oil-gas-cliamte-crisis). Predictably, around 50% of the total subsidies to coal, oil and gas, were given by China, India, Russia and Saudi Arabia. However, over the period since 2015, Australia, Canada and the United States increased their fossil fuel subsidies by respectively 48, 40 and 37%. The UK reduced its subsidies by 18% but from a high baseline. It still directs lots of finance to these fuels. Given the impact of burning coal, oil and gas, on carbon dioxide emissions, the Bloomberg report describes the subsidies as 'reckless'. I would use a stronger term.