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Global Fossil Fuel Subsidies Surged to Record $7 Trillion in 2022, the IMF says

www.imf.org Fossil Fuel Subsidies Surged to Record $7 Trillion

Scaling back subsidies would reduce air pollution, generate revenue, and make a major contribution to slowing climate change

Fossil Fuel Subsidies Surged to Record $7 Trillion

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).

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