EnergyWatch

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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Employee of Danish marine fuel supplier charged for corruption in Singapore

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

EU awards big aid for Danish scaled green hydrogen push

The European Union has green-lit millions of euros of subsidy for a 100MW hydrogen project in Denmark with the involvement of several big domestic players. The project is meant to be the enabling stepping stone for GW-scale H2 projects as well as electrolysis at sea.

Further reading

Related articles

Trial banner

Latest News

See all jobs