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subsidies
World Bank says subsidies costing as much as $23m a minute must be repurposed to fight climate crisis...
The sharp rise in fossil fuel subsidies is just one example of why activists say climate treaties are so often meaningless.
Global public subsidies for fossil fuels almost doubled to $700bn in 2021, analysis has shown, representing a “roadblock” to tackling the climate crisis. Despite the huge profits of fossil fuel companies, the subsidies soared as governments sought to shield citizens from surging energy prices as the global economy rebounded from the Covid-19 pandemic.
The fossil fuel industry benefits from subsidies of $11m every minute, according to analysis by the International Monetary Fund.
