IMF Report estimates Global Fossil Fuel Subsidies at $5.3 Trillion – More than global spending on Public Health

A new working paper from the International Monetary Fund , How Large are Global Energy Subsidies? reflects the shifting attitudes in the corporate world to the fossil fuel industry . A quote from the summary at the CBC website  : “Described as a “post-tax” subsidy, the figure doesn’t take into account the pre-tax incentives used to encourage exploration and production, and is still much larger than ever before calculated.”… “The fiscal implications are mammoth: At $5.3 trillion, energy subsidies exceed the estimated public health spending for the entire globe”. The report concludes that energy subsidy reform is urgently needed, and though not perfect, “energy taxes” are the most effective tool currently available .

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