
Government subsidies on fossil fuels surged in 2022 in the wake of record high energy prices. Russia’s attack on Ukraine highlighted how dependent the world remains on oil and gas and how much further the energy transition still needs to go.

Government subsidies on fossil fuels surged in 2022 in the wake of record high energy prices. Russia’s attack on Ukraine highlighted how dependent the world remains on oil and gas and how much further the energy transition still needs to go.
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A mechanism deployed under the EU Emissions Trading System to remove a volume of carbon allowances from circulation in the market.
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