IMF: Fossil energy subsidized with USD 11m per minute

In 2020, global fossil energy was subsidized with USD 5.9trn, shows a new analysis from the International Monetary Fund – largely indirect aid taking the form of unbilled costs for damage to human health and environment.

Photo: Martin Meissner/AP/Ritzau Scanpix

At the same time as various leaders around the world profile themselves as advocates of climate change mitigation, massive volumes of economic support are constantly being handed out to the worst group of climate culprits: the fossil energy industry.

According to a new analysis from the International Monetary Fund (IMF), fossil energy received around USD 5.9trn in state aid during 2020, reports The Guardian. That equates to roughly USD 11m every minute, every day, throughout the year.

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