Fossil Fuels Subsidies Cost World $5.3 Trillion A Year – $10 Million A Minute

How large are global energy subsidies? The answer: quite a lot larger than we thought, according to new estimates from the International Monetary Fund, which puts the cost of subsidising fossil fuels at an enormous $5.3 trillion a year, or around $10 million a minute every day.

The eye-watering figure, based on calculations the IMF describes as “extremely robust,” is more than double the projected 2014 estimate the IMF released around this time last year, and amounts to more than the total health spending of all the world’s governments.

It is somewhat of an irony, then, that the IMF’s new figure of $5.3 trillion is largely attributed to polluters not paying the costs – social welfare, health, environmental and broader economic – imposed on governments for the burning of coal, oil and gas.

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