• By The Financial District

IMF Places Global Fossil Fuel Subsidies AT $6 Trillion

New International Monetary Fund (IMF) research estimates global fossil fuel subsidies at about $6 trillion, with about 70% from "under-charging" for the environmental costs associated with the fuels, IMF Managing Director Kristalina Georgieva told a UN energy summit.

Photo Insert: One of the intended results of the measures is the reduction of global carbon emissions by one-third - in line with keeping global warming to 1.5 degrees Celsius.

The IMF previously had estimated such costs at about $5.2 trillion in 2017, David Lawder reported for Reuters.

"The good news is that global carbon emissions would fall by one-third — in line with keeping global warming to 1.5 degrees Celsius — if fossil fuel prices increase to fully reflect environmental and supply costs by 2025," Georgieva said in prepared remarks to an energy summit on the sidelines of the United Nations General Assembly.

Among the nations providing huge fuel subsidies to its overextended distant fishing fleet is China, which has also been accused of sending tankers in the Pacific Ocean as far as Argentina to supply cheap fuel to its trawlers.

China is also accused of promoting illegal and unregulated fishing and physical abuses of its crewmen, many of them Indonesian.


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