Report: Fossil Fuel Companies get $10 Million a Minute from World Governments
— May 18, 2015
A report published today by the International Monetary Fund (IMF) found that, in total, world governments handed out subsidies to the fossil fuel industry to the tune of $5.3 trillion a year, or roughly $10 million a minute, Common Dreams reported.
Leading up to the United Nations Climate Change Conference in Paris later this year, energy subsidy reform has been an important topic on the international agenda. This study examined just how large these subsidies and their impacts actually are.
The authors found that the effects of energy subsidy reform would be “potentially enormous.”
“Eliminating post-tax subsidies in 2015 could raise government revenue by $2.9 trillion, cut global [carbon dioxide] emissions by more than 20 percent, and cut premature air pollution deaths by more than half … [and] would raise global economic welfare by $1.8 trillion.” READ MORE
Leading up to the United Nations Climate Change Conference in Paris later this year, energy subsidy reform has been an important topic on the international agenda. This study examined just how large these subsidies and their impacts actually are.
The authors found that the effects of energy subsidy reform would be “potentially enormous.”
“Eliminating post-tax subsidies in 2015 could raise government revenue by $2.9 trillion, cut global [carbon dioxide] emissions by more than 20 percent, and cut premature air pollution deaths by more than half … [and] would raise global economic welfare by $1.8 trillion.” READ MORE
The TRUTH will set you FREE.
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