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Fossil Fuel Subsidies Surged to Record $7 Trillion in 2022

24 Aug 2023 | Abstracted from IMF

"...subsidies for oil, coal and natural gas are costing the equivalent of 7.1 percent of global gross domestic product. That’s more than governments spend annually on education...and about two thirds of what they spend on healthcare

"...consumers did not pay for over $5 trillion of environmental costs last year...scrapping explicit and implicit fossil-fuel subsidies would prevent 1.6 million premature deaths annually, raise government revenues



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