Monthly Archives: August 2015

Fossil fuel subsidies: $5.3 trillion in 2015 (IMF survey)

Fossil fuel subsidies: $5.3 trillion in 2015 (IMF survey)

Estimates from the ‘International Monetary Fund’ (IMF) show that fossil fuel subsidies of 155 countries representing 98% of the world’s population, amounted $4.2 trillion (5.8% of global GDP) in 2011 and $4.9 trillion (6.5% of global GDP) in 2013. Projections for 2015 suggest $5.3 trillion (6.5% of global GDP). This huge amount of subsidies is of cause plain stupid.

For comparison, the total ‘Climate Debt of 147 countries‘ in ClimatePositions, accumulated between 2000 and 2013, amounted $5.2 trillion. Roughly speaking, one year of global subsidies equals the total accumulated Climate Debt. Note that global climate change funding is only around $0.14 trillion.

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