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G20 Spends $88 Billion a Year on Fossil-Fuel Exploration

The G20 group of major economies spend $88 billion a year on fossil-fuel exploration, five years after pledging to phase out industry subsidies, a study showed.

Spending of $17 billion and $11.3 billion by state-backed oil companies Saudi Arabian Oil Co. and Petroleo Brasileiro SA are the biggest components in the funding compiled by the Overseas Development Institute and Oil Change International. The total also includes subsidies and tax breaks from governments, and public financing through development banks.