According to the International Monetary Fund's report of 2023, global fossil fuel subsidies have reached $7 trillion, which accounts for approximately 7.1% of global GDP, Azerbaijani Minister of Economy Mikayil Jabbarov said at the Baku Climate Action Week, Report informs.
"This significant investment not only emphasizes our continued dependence on fossil fuels but also creates a major obstacle to the transition to sustainable energy solutions. Imagine how the opportunities for transformation would expand if even a portion of these subsidies were directed toward renewable energy, green technologies, and climate sustainability initiatives. With these resources, we could accelerate the move towards clean energy, stimulate innovations, and create millions of new jobs in the green economy. The potential for positive change is enormous, and it's time to use it for a more sustainable future," the minister noted.