Sentences with phrase «fuel subsidies worldwide»

Not exact matches

His entire speech hinged on the simple observation that the addition of carbon to the atmosphere was effectively a worldwide subsidy that had contributed to global warming and prevented humanity from freeing itself from the fossil - fuel era.

Fossil fuel subsidies amount to hundreds of billions of dollars worldwide, and removing them has been held up as a key answer to climate change mitigation.

In recent years, the total cost of fossil - fuel consumption subsidies worldwide has ranged from $ 480 billion to $ 630 billion per year, plus more than $ 100 billion spent every year in production subsidies.

However, there are about USD $ 550 billion in fossil fuel subsidies annually worldwide.

Decreasing or eliminating government subsidies to fossil fuels, which total $ 300 billion annually worldwide, can move the energy economy away from heavy reliance on carbon - intensive fossil fuels.

A recent IMF paper put the magnitude of subsidies for fossil fuel energy sources at $ 5.3 trillion worldwide in 2015, including both direct fiscal costs and implicit subsidies from the failure to charge for environmental damages or tax energy at the same rate as other consumption products.

The report estimates that worldwide subsidies to fossil fuels total $ 1.9 trillion [$ 1.5 trillion]-- the equivalent to 2.7 % of global GDP, or 8 % of government revenues, the IMF says.

Meanwhile, the temptation to invest in coal, oil and gas is heightened by countries» fossil fuel subsidies that, worldwide, amount to $ 1.9 tn a year, according to the International Monetary Fund.

The researchers suggested switching $ 500bn in subsidies for fossil fuels worldwide to renewables as a «cost neutral» way to fast - track the energy transition.

Professor Edenhofer said: «It is a dirty lie that CO2 emissions from fossil fuels have so far come with no cost — they cost us human health, damage to our climate, and billions of dollars in subsidies worldwide.

They are cited worldwide to justify swingeing fossil fuel taxes and subsidies for «renewable» energy.

Subsidies for fossil fuels have grown 45 percent under President Obama's «all - of - the - above energy» strategy; worldwide, they're estimated to top $ 600 billion.