An analysis by advocacy group Oil Change International and Earth Track, found that "fossil fuel subsidies in rich countries are, on average, five times greater than those same countries' pledges towards climate finance—support to developing countries to address climate change and its impacts.''

During the COP18 climate conference in Doha, Qatar, activists from less affluent countries have called upon G20 leaders to help poorer nations cope with climate change—in the form of compensation for their greater greenhouse gas emissions.

But according to the Oil Change International report released this week, fossil fuel subsidies in 2012 are likely to total $775 billion—although an exact figure will not be known because governments are "hiding their handouts to oil, gas and coal."

G20 leaders have taken "very little concrete action in phasing out fossil fuel subsidies," the report continues.

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