Australia’s financial support of fossil fuels increased by 48% over the five-year period between 2015 and 2019, the biggest increase in fossil fuel subsidies among G20 nations, and putting the country well behind its peers in supporting the goals of the Paris Agreement.

A new report from BloombergNEF (formerly Bloomberg New Energy Finance), called the Climate Policy Factbook, shows that Australia – along with a number of other G20 countries – is failing to keep up with even the bare minimum of climate action necessary.

Australia, it says, is lagging in all three areas highlighted in the report – the phasing out support for fossil fuels, putting a price on carbon emissions, and making companies disclose the risks they face due to climate change.

Moreover, while the report graciously describes Australia’s response to carbon pricing and climate-risk disclosure as “mixed”, it is Australia’s continued financial support for fossil fuel projects which draws the biggest concern, categorised in the report as heading in the “Wrong direction”.