Fossil fuel industry gets subsidies of $11m a minute, IMF finds

Fossil fuel industry gets subsidies of $11m a minute, IMF finds

Trillions of dollars a year are ‘adding fuel to the fire’ of the climate crisis, experts say

The fossil fuel industry benefits from subsidies of $11m every minute, according to analysis by the International Monetary Fund.

The IMF found the production and burning of coal, oil and gas was subsidised by $5.9tn in 2020, with not a single country pricing all its fuels sufficiently to reflect their full supply and environmental costs. Experts said the subsidies were “adding fuel to the fire” of the climate crisis, at a time when rapid reductions in carbon emissions were urgently needed.

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