- by foxnews
- 08 Apr 2025
Despite the huge profits of fossil fuel companies, the subsidies soared as governments sought to shield citizens from surging energy prices as the global economy rebounded from the Covid-19 pandemic.
The $697bn total covers explicit subsidies, including price reductions, government funding and tax breaks. Estimates including implicit subsidies, ie the cost of the climate and air pollution damage caused by fossil fuels, are far higher. These amounted to $5.9tn in 2020, according to the International Monetary Fund, or $11m a minute.
Archaeologists have recently unearthed the remarkably well-preserved remains of a dog from ancient Rome, shedding light on the widespread practice of ritual sacrifice in antiquity.
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