LONDON, Aug 24 — Global subsidies for fossil fuels rose by US$2 trillion (RM9.2 trillion) over the past two years to reach a record US$7 trillion in 2022, according to new...
LONDON, Aug 24 — Global subsidies for fossil fuels rose by US$2 trillion over the past two years to reach a record US$7 trillion in 2022, according to new estimates from the International Monetary Fund.
“Subsidies for oil, coal and natural gas are costing the equivalent of 7.1 per cent of global gross domestic product,” the IMF said. “That’s more than governments spend annually on education and about two thirds of what they spend on healthcare .” A variety of nations in Africa and elsewhere in the developing world have cut fuel subsidies in recent years due in part to rising debt and borrowing costs. Wealthier nations, where energy consumption is higher, face less financial pressure to cut subsidy costs.
“Falling energy prices provide an opportune time to lock in pricing of carbon and local air pollution emissions without necessarily raising energy prices above recently experienced levels,” it said.
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