Most of the subsidies stem from the government’s failure to recoup the environmental and health costs linked to fossil fuels from polluters, a report has found.
– and other nations have introduced direct carbon taxes – the IMF says these pollution levies do not cover the costs of the impact.
“Fossil fuel extraction kills us in two ways. It causes global warming, and air and water pollution kills us as well,” Doctors for the Environment executive director Dr Kate Wylie said. Fossil fuel air pollution included “nasty gases” like nitrous oxide and ground-level ozone dioxide and particulate matter that could enter the lungs and bloodstream with wide-ranging effects, she said. These included lung disease and cancer as well as being linked to poor pregnancy outcomes and dementia.
The IMF report found that global environmental costs were nearly $8 trillion in 2022, calling for fossil fuel subsidies to be reduced in order to raise their price and cut consumption while making renewable energy more competitive.
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