Fossil fuels subsidised by $10 million a minute

Fossil fuel companies are benefitting from global subsidies of US$5.3 trillion a year, equivalent to $10 million a minute every day, according to a startling new estimate by the International Monetary Fund (IMF). In per cent of GDP, global energy subsidies are estimated to increase from 5.8 per cent of global GDP in 2011 to 6.5 per cent in 2015.

The IMF describes the numbers as “shocking”. They exceed global public health spending, estimated by the WHO at US$4.3 trillion in 2013. “It is one of the largest negative externalities ever estimated”, says Vitor Gaspar at IMF.

Most subsidies (59%) are for coal. In dollar terms, the top five subsidisers are China, United States, India, Russia, and Japan. Subsidies in the European Union are similar to those in India.

Source: The Guardian, 18 May 2015
The IMF working paper ”How Large Are Global Energy Subsidies?”

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New draft EU air pollution limits weaker than in China

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Shipping monitoring will contribute to CO2 targets

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Sweden without gas

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Potential for shore-side electricity

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Main menu

Fossil fuels subsidised by $10 million a minute

In this issue

Higher ambitions needed for NEC

Editorial: New NEC directive should clear the air

Cities’ air quality efforts ranked

France: 100% renewables as cheap as 50% nuclear

Biogas solutions for methane abatement

Danish farming futures

Marshall Islands calls for cuts in shipping emissions

Offsetting of shipping NOx cuts?

Ship scrubbers questioned

New ships less fuel efficient than those built in 1990

New draft EU air pollution limits weaker than in China

Shipping monitoring will contribute to CO2 targets

Sweden without gas

Potential for shore-side electricity

Publications

Food for Thought

Northern forests, climate change and the UNFCCC

EU climate targets aligned with the Paris agreement’s 1.5°C objective

Baltic Sea Offshore Wind Collaborative-Learning project

Air pollution in Europe and children’s health

Climate Change: A Himalayan Odessey

No further discussion needed. The agreed global goal is to limit temperature rise to 1.5°C

Fossil-free electricity 2021

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