Woodside, page-4186

Globally, fossil fuels receive significantly more subsidies than renewable energy. In 2022, fossil fuel subsidies amounted to a staggering $7 trillion, which is approximately 7.1% of global GDP. These subsidies often include implicit costs, such as unaccounted environmental damage and health impacts

In contrast, renewable energy subsidies are smaller but growing. For example, in Australia, the federal government allocated over $22 billion in subsidies for renewables in the 2024-25 budget. These subsidies aim to support the transition to cleaner energy sources and include incentives for technologies like green hydrogen and solar power

The disparity highlights the ongoing challenge of shifting financial support from fossil fuels to renewable energy to address climate change effectively.