“Fossil fuel industry gets subsidies of $11m a minute, IMF finds” – The Guardian

The Guardian says that fossil fuel industries are welfare queens.

The fossil fuel industry benefits from subsidies of $11m every minute, according to analysis by the International Monetary Fund.

The IMF found the production and burning of coal, oil and gas was subsidised by $5.9tn in 2020, with not a single country pricing all its fuels sufficiently to reflect their full supply and environmental costs. Experts said the subsidies were “adding fuel to the fire” of the climate crisis, at a time when rapid reductions in carbon emissions were urgently needed.

Our local “philanthropists” got rich taking government money, and they’re not done yet.

7 comments

  1. If you live downwind of the Western Refinery, fossil fuel probably subsidizes the oncology industry here.

  2. Let’s see, $11,000,000 x 60 x 24 x 365 = $5.78 Trillion per year.
    That doesn’t sound believable to me.

      1. So you think world governments are giving more in subsidies to fossil fuel companies than they conceivably take in from taxes?

        How would that work, exactly?

        Seems like they are either counting a government not taxing something as a loss of actual money, or they don’t understand money.

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