Governments Giving Fossil Fuel Companies $10 Million a Minute: IMF

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The fossil fuel industry receives $5.3 trillion a year in government subsidies, despite its disastrous toll on the environment, human health, and other global inequality issues, a new report by the International Monetary Fund (IMF) published Monday has found.

That means that governments worldwide are spending $10 million every minute to fund energy companies—more than the estimated public health spending for the entire globe, IMF economists Benedict Clements and Vitor Gaspar wrote in a blog post accompanying the report (pdf).

“These estimates are shocking,” Clements and Gaspar wrote. “The number for 2015 is more than double the US$2 trillion we had previously estimated for 2011.”

Subsidies occur in two ways, IMF Fiscal Affairs Department directors Sanjeev Gupta and Michael Keen explained in a separate blog post published Monday:

Read more  www.commondreams.org/news/2015/05/18/governments-giving-fossil-fuel-companies-10-million-minute-imf

 

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