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Why Are Taxpayers Propping Up the Fossil Fuel Industry?

12 Apr 2023 | Abstracted from NY Times

"Worldwide, government subsidies for oil and gas are at a record high. Global financial institutions have been trying for years to get them phased out.

"Last year, countries spent $1 trillion subsidizing fossil fuels for consumers...That was double what they spent the year before...Subsidies reduce consumer prices, which means phasing them out can cause social unrest... the I.M.F. said that "clear communication, gradual phasing out, and mechanisms to compensate vulnerable groups" should be key components of any policy for reducing fossil fuel subsidies...



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