Global Fossil Fuel Subsidies Rise to $7 Trillion in 2022, Exacerbating Climate Crisis
Global Fossil Fuel Subsidies Rise to $7 Trillion in 2022, Exacerbating Climate Crisis
Putting the spotlight on the role of fossil fuel subsidies in exacerbating the climate crisis, a damning analysis by the International Monetary Fund (IMF) has said total fossil fuel subsidies...
The IMF report said that explicit subsidites have more than doubled since its previous assessment, from $0.5 trillion to $1.3 trillion in 2022.
It's a bold strategy Cotton, let's see if it pays off for them
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These subsidies are mostly implicit. Particularly in countries like the US, Canada etc. Implicit are basically environmental costs. The only countries that government actually is subsidizing growth to any extent are countries like Saudia Arabia, Iran, Russia. To a lesser extent you have Western nations like Germany and the UK that are subsisting energy to your house so you don't pay so much.
In other words the biggest cost or implicit subsidies as they call it is not subsidies to companies but the environmental costs us consumers do not pay to use energy.