US EditionFossil fuels being subsidised at rate of $13m a minute, says IMF
- Fossil fuel subsidies reached a record $1.3 trillion in 2022, more than doubling since the previous assessment and totaling $7 trillion when factoring in implicit subsidies.
- The increase in subsidies was driven by efforts to mitigate the economic impact of Russia's invasion of Ukraine and the demand spike caused by the Covid-19 recovery.
- Despite commitments to phase out fossil fuel subsidies, the reports highlight a gap between stated goals and actual implementation, with serious implications for global warming and climate change.
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Fossil fuel subsidies hit $1.3trillion despite government pledges to end them
Despite repeated government pledges to cut back on fossil fuel subsidies, a new report found such subsidies surged to a record $1.3 trillion last year. The post Fossil fuel subsidies hit $1.3trillion despite government pledges to end them appeared first on Energy Voice.
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Leaning Left7Leaning Right1Center10Last UpdatedBias Distribution56% Center
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