Fossil Fuel Subsidies Cost $5 Trillion Annually and Worsen Pollution

Posted by Mike Confino, May 20, 2015

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Global energy subsidies, including the social and environmental costs associated with heavily subsidized fossil fuels, are costing the world’s governments upward of $5 trillion annually, according to new estimates released yesterday by the International Monetary Fund.

That lost revenue is punching gaping holes in the budgets of both wealthy and poor nations, according to IMF, while the benefits of the subsidies are flowing disproportionately to the wealthy.

 

Read more: http://www.scientificamerican.com/article/fossil-fuel-subsidies-cost-5-trillion-annually-and-worsen-pollution/