IMF now pegs our fossil fuel subsidies at $46 billion

Categories: Big picture
Published on: February 4, 2016

The Tyee / Mitchell Anderson / 01 February 2016

PumpJackSkyHow can Canada meet our international climate commitments so recently inked in Paris with an increasingly empty economic larder? The International Monetary Fund may have the answer. Last summer, the IMF updated its global report on energy subsidies and found that Canada provides a whopping $46.4 billion in subsidies to the energy sector in either direct support or uncollected taxes on externalized costs.

Globally, this figure balloons to US$5.3 trillion or 6.5 per cent of the world’s GDP. To put that enormous sum in perspective, the global giveaway to the energy sector amounts to 40 times more money than is contributed in aid to the world’s poorest people.

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