Records of Subsidies to Fossil Fuels: A Call for an Energy Transition Is Imperative
At a time when the transition to more sustainable energy sources is crucial, a recent study by the International Monetary Fund (IMF) reveals that fossil fuel subsidies reached an unprecedented level of seven trillion dollars worldwide last year. This colossal figure, representing more than 7% of the global economy, raises concerns about the environmental and economic impact of these massive subsidies. This article explores the findings of the IMF study, the regions and countries most affected, and the implications of these subsidies for the climate and the global economy.