Can we say ‘no’ to fuel subsidies?


Source: tbsnews.net tbsnews.net

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Not a single country in the world prices fossil fuels "fairly". The fossil fuel industry benefits from subsidies worldwide – $11m every minute. Subsidies on oil, gas and coal amounted to $5.9 trillion in 2020, which may go up to $6.4 trillion in 2025, estimates the International Monetary Fund. The comprehensive IMF report last year showed subsidies, both for producers and consumers, put fuel prices at least 50% below their true costs – 99% for coal, 52% for diesel and 47% for natural gas. Five countries – China, the USA, Russia, India and Japan – accounted for two-thirds of the...