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Expand chart
Reproduced from IEA; Note: In 2018 dollars; Chart: Axios Visuals

International Energy Agency data shows that worldwide subsidies that lower consumer costs for fossil fuels grew to over $400 billion last year, their highest levels since 2014.

Why it matters: The persistence of the payments, despite some progress in pricing reforms in recent years in several nations, are among the many headwinds in the effort to combat climate change.

  • And the IEA report doesn't even include various governments' support for fossil fuel production projects.

What they're saying: "The continued prevalence of these subsidies — more than double the estimated subsidies to renewables — greatly complicates the task of achieving an early peak in global emissions," IEA analysts said in a June 13 report.

Where it stands: Higher oil prices in 2018 than 2017 were one driver of the overall increase, while higher energy consumption was another.

  • Oil-related subsidies rose from $143 billion in 2017 to $182 billion last year.
  • Higher petro prices were a strain in countries where consumers faced higher retail costs, "particularly where national currencies were losing value against the U.S. dollar," IEA notes.
  • Indonesia, Iran, Egypt and Venezuela saw the biggest subsidy increases for oil products. Iran, Venezuela, Mexico, Egypt and China all saw higher subsidies for fossil-based power.

The intrigue: Tackling subsidies is tricky — as IEA notes, there's a need to make energy more affordable to poor and vulnerable populations.

  • "But many subsidies are poorly targeted, disproportionally benefiting wealthier segments of the population that use much more of the subsidised fuel," the report states.

Go deeper: 2020 Democrats pushing to end public financing of fossil fuels

Go deeper

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget after several senators voiced opposition and concern about her qualifications and past combative tweets, President Biden announced Tuesday.

Why it matters: Tanden’s decision to pull her nomination marks Biden's first setback in filling out his Cabinet with a thin Democratic majority in the Senate.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.

3 hours ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.