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https://www.imf.org/en/Blogs/Articles/2023/08/24/fossil-fuel-subsidies-surged-to-record-7-trillion>
"Fossil-fuel subsidies surged to a record $7 trillion last year as governments
supported consumers and businesses during the global spike in energy prices
caused by Russia’s invasion of Ukraine and the economic recovery from the
pandemic.
As the world struggles to restrict global warming to 1.5 degrees Celsius and
parts of Asia, Europe and the United States swelter in extreme heat, subsidies
for oil, coal and natural gas are costing the equivalent of 7.1 percent of
global gross domestic product. That’s more than governments spend annually on
education (4.3 percent of global income) and about two thirds of what they
spend on healthcare (10.9 percent).
Our findings come as the World Meteorological Organization says July was the
hottest month on record, underscoring the urgent need to curb human-induced
climate change.
As the Chart of the Week shows, fossil-fuel subsidies rose by $2 trillion over
the past two years as explicit subsidies (undercharging for supply costs) more
than doubled to $1.3 trillion. That’s according to our new paper, which
provides updated estimates across 170 countries of explicit and implicit
subsidies (undercharging for environmental costs and forgone consumption
taxes). Download detailed data for different countries and fuels here."
Via Diane A.
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
