IMF Report: Worldwide Fossil Fuel Subsidies Add To An Astonishing $5.3 Trillion

By Jon LeSage Fossil fuel subsidies made for an eyebrow-raising 6.5 percent of the global GDP in 2015, or about $5.3 trillion.
This revelation on behalf of the International Monetary Fund was reported by four economists, and published earlier this year in the World Development journal.
The study took a broad approach, factoring how subsidies arise when consumer prices are below supply costs, along with consumption taxes and the environmental costs.
Also examined in the study was estimated total cost of the subsidies and the economic and environmental benefits that would come from reforming them.
Subsidy costs for 2013 included 22 percent for global warming, 46 percent

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