Eliminating fossil fuel subsidies will reduce global CO2 emissions by 13% – IMF report

edieEnergy 28 March 2013.

The International Monetary Fund (IMF) has urged governments around the world to reform fossil fuel energy subsidies which currently amount to $1.9tr (£0.86tr).

In a report released yesterday, Energy Subsidy Reform – Lessons and Implications, the IMF says reforming the system could spur economic growth and help the environment. 

According to the report, current energy subsidies amount to $1.9tr worldwide–the equivalent of 2.5% of global GDP, or 8% of government revenues and IMF first deputy managing director David Lipton said that removing energy subsidies could strengthen incentives for “research and development in energy-saving and alternative technologies.”

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