Fossil fuels subsidised by $10m every minute, says IMF

Guardian UK ^ | Monday 18 May 2015 09.30 EDT | Damian Carrington

[kingu]

Fossil fuel companies are benefitting from global subsidies of $5.3tn (£3.4tn) a year, equivalent to $10m every minute of every day, according to a startling new estimate by the International Monetary Fund.

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.

The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change.

[Morpheus2009]

Yes, but it’s total doublespeak considering that even the liberal politicians subsidize the fuel prices to make the fuel that they claim to despise cheaper at the pump. If they really believed in it, they wouldn’t be making fuel cheaper, they would want it to cost more to push for changes.