Subsidising Fossil Fuels

 The fossil fuel industry benefits from subsidies of $11m every minute, according to analysis by the International Monetary Fund.

The IMF found the production and burning of coal, oil and gas was subsidised by $5.9tn in 2020, with not a single country pricing all its fuels sufficiently to reflect their full supply and environmental costs.

Setting fossil fuel prices that reflect their true cost would cut global CO2 emissions by over a third, the IMF analysts said

Explicit subsidies that cut fuel prices accounted for 8% of the total and tax breaks another 6%. The biggest factors were failing to make polluters pay for the deaths and poor health caused by air pollution (42%) and for the heatwaves and other impacts of global heating (29%).

 The ending of fossil fuel subsidies would also prevent nearly a million deaths a year from dirty air

Fossil fuel industry gets subsidies of $11m a minute, IMF finds | Fossil fuels | The Guardian