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Fossil Fuel Consumption Topped $1 Trillion Last Year, IEA Says

The International Energy Agency put last year’s global price tag for shielding consumers from surging fossil fuel costs at a cool $1.1 trillion.

The figure published Thursday—covering subsidies for gas, oil, electricity and coal—is the highest total ever estimated by the IEA.

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International Energy Agency Chart 

Price caps, cash assistance, tax cuts and other measures reflected how governments tried to ease the fallout of Russia upending energy markets with its invasion of Ukraine.

“A range of policy interventions insulated consumers from ballooning prices, but with the adverse effect of keeping fossil fuels artificially competitive with low-emissions alternatives,” IEA researchers wrote.

The OECD-aligned organization’s methodology didn’t include $500 billion in additional spending—largely in Europe—because end-user prices there remained near market rates.