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IMF estimates global fossil fuel subsidies at $6 trillion-Georgieva

by Reuters
Friday, 24 September 2021 15:18 GMT

WASHINGTON, Sept 24 (Reuters) - New 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, International Monetary Fund Managing Director Kristalina Georgieva told a UN energy summit on Friday.

The IMF previously had estimated such costs at about $5.2 trillion in 2017.

"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.

(Reporting by David Lawder )

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