IMF finds huge subsidies for energy consumption

Fossil fuel companies are being subsidised by €4.74ttn a year, equivalent to €9m a minute every day, according to a report prepared for the IMF.

The report’s authors have advised the IMF that reforming the way governments subsidise energy consumption would deliver substantial fiscal benefits, and reduce healthcare costs and environmental damage.

“Environmental damages from energy subsidies are large, and energy subsidy reform through efficient energy pricing is urgently needed,” the report states.