Prosperity, Asia Pacific

The world spends $5.2 trillion dollars subsidising fossil fuels

Responsible Business | May 21, 2019

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For all of the commitments that governments have made over the past decade about reducing their carbon emissions and encouraging societies to shift towards a cleaner, more sustainable track, many continue to throw vast sums of money into subsidising fossil fuels. New research from the International Monetary Fund found that governments paid out a staggering US$5.2 trillion in subsidies in 2017, up from US$4.7 trillion in 2015, and equivalent to 6.5 per cent of the entire global economy. Those subsidies helped to boost global carbon emissions by 28 per cent, the IMF said.

China was the largest subsidiser of fossil fuels, spending US$1.4 trillion, while the US was second, spending US$649 billion. Russia spent US$551 billion, while the EU spent US$289 billion.

[Source: IMF; OECD]

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