Monday 18 May 2015

Fossil fuels subsidised by $10m every minute, says IMF | Environment | The Guardian


THE NUMBERS ARE PRETTY STAGGERING .... 

Fossil fuel companies are benefitting from global subsidies of $5.3tn (£3.4tn) a year, equivalent to $10m every minute of every day, according to a startling new estimate by the International Monetary Fund. 

The IMF calls the revelation "shocking" and says the figure is an "extremely robust" estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world's governments.

The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change.

http://www.theguardian.com/environment/2015/may/18/fossil-fuel-companies-getting-10m-a-minute-in-subsidies-says-imf




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