29 Mar '13, 11am

IMF Recommends Ending Energy Subsidies to Fight Climate Change #climatechange

IMF Recommends Ending Energy Subsidies to Fight Climate Change #climatechange

Eliminating energy subsidies could reduce CO2 emissions by 13 percent. A new report from the International Monetary Fund (IMF) claims ending the $1.9 trillion in global energy subsidies could reduce greenhouse gas (GHG) emissions by 4.2 billion tons – a 13 percent reduction – and lead to major gains both for economic growth and the environment. The study, Energy Subsidy Reform – Lessons and Implications , released earlier this week, urges policymakers around the world to reform subsidies for products ranging from coal to gasoline and argues that to do so could lead to a more efficient allocation of resources and help spur higher long term economic growth. In 2011 alone, governments around the world spent $480 billion on “fossil fuel” subsidies to lower the price of petroleum, natural gas, coal and electricity for their citizens. The current nearly $2 trillion overall price...

Full article: http://www.triplepundit.com/2013/03/imf-recommends-ending...

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