Fossil fuels being subsidised at rate of $13m a minute, says IMF

Oil, gas and coal benefited from $7tn in support in 2022 despite being primary cause of climate crisis

Fossil fuels benefited from record subsidies of $13m (10.3m) a minute in 2022, according to the International Monetary Fund, despite being the primary cause of the climate crisis.

The IMF analysis found the total subsidies for oil, gas and coal in 2022 were $7tn (5.5tn). That is equivalent to 7% of global GDP and almost double what the world spends on education. Countries have pledged to phase out subsidies for years to ensure the price of fossil fuels reflects their true environmental costs, but have achieved little to date.