The crippling cost of fossil fuel subsidies

A new research paper by the International Monetary Fund exposes the extent to which fossil fuel companies benefit from government handouts. … The fossil fuel sector is set to benefit from global subsidies valued at $5.3 trillion in 2015. The subsidies are estimated at 6.5 per cent of global GDP. The subsidies include direct cash subsidies but also avoided indirect costs such as damage to the environment and crowding out more productive investment.

(Business Spectator: 20 May 2015)

Category: politics

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