Macro Trends

Policy Blind Spot: The Fossil Fuel Subsidy Frankenstein

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  • Last year marked a historic high for global fossil fuel subsidies, with the International Monetary Fund (IMF) estimating global direct costs at $1.3 trillion.
  • This is just the beginning: The IMF sees indirect environmental and health costs — so-called implicit subsidies — at an eye-watering $5.7 trillion on top of this.
  • Lower prices will make for lower subsidies this year, but don’t mistake this for effective action: The challenge hasn’t gone away.

The Issue

Trade, Policy and Regulation, Macroeconomics
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