IMF pegs global fossil fuel subsidies at $5.3 trillion
WASHINGTON, D.C. — The International Monetary Fund released a working paper today estimating the 2015 global cost of fossil fuel subsidies at $5.3 trillion. The paper uses a post-tax subsidies measurement, which reflects the un-priced externalities that burning fossil fuels inflicts on societies.
Friends of the Earth Climate and Energy Campaigner Lukas Ross issued the following statement in response:
This is a hugely important finding. Beneath the billions in tax breaks and other giveaways, the biggest single subsidy polluters enjoy is the privilege of sending emissions into our atmosphere free of charge.
Ending these subsidies and taxing carbon emissions is a crucial step to listening to scientists and leaving 80 percent of proven fossil fuels in the ground.