In a 2021 study: Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies, the International Monetary Fund (IMF) reports that globally, fossil fuel subsidies were 5.9 trillion US dollars in 2020 or about 6.8 percent of Gross Domestic Product (GDP).
And that such subsidies are expected to rise to 7.4 percent of GDP in 2025, increasing the figure to nearly seven trillion dollars by 2025.
Commenting on this fact, António Guterres, the UN Secretary General, said that “… promises ring hollow when the fossil fuels industry still receives trillions in subsidies, as measured by the IMF. Or when countries are still building coal plants…”
Andrea Meza, Minister of Environment and Energy for Costa Rica remarked: “Every dollar that we invest in fossil fuel projects is one less dollar for renewables and for the conservation of nature…”
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