Subsidies stiffle climate action
The International Monetary Fund estimates that the fossil fuel companies are subsidized by the equivalent of $10m a minute every day. The IMF calls the revelation “shocking” and says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments. No matter there is so much resistance to change for climate action--where is the incentive to change?
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