- by foxnews
- 28 Nov 2024
Global fossil fuel subsidies almost doubled in 2021, analysis finds
Global fossil fuel subsidies almost doubled in 2021, analysis finds
- by theguardian
- 01 Sep 2022
- in news
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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.
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