28 Mar '13, 11am

IMF calls for world's $1.9tr fossil fuel subsidies to be removed

Removing worldwide fossil fuel subsidies worth $1.9tr would have "major gains for economic growth and the environment" the International Monetary Fund (IMF) said yesterday. A study by the international body estimates support for products from coal to petrol equate to around 2.5 per cent of global GDP and account for roughly eight per cent of all government revenues. It shows that 20 countries maintain pre-tax energy subsidies that exceed five per cent of their GDP. FURTHER READING Poll: public backs green industries to boost growth Can we afford to play the long game with renewable investment? "For some countries the fiscal weight of energy subsidies is growing so large that budget deficits are becoming unmanageable and threaten the stability of the economy," said David Lipton, IMF first deputy managing director, in a speech to mark the launch of the paper in Washington D....

Full article: http://www.businessgreen.com/bg/news/2258085/imf-calls-fo...

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