Oil and gas in the capitals
A recent International Monetary Fund (IMF) report estimates that in 2017, global fossil fuel subsidies totaled $5.2 trillion. This is 6.3% of world GDP and, if true, seriously distorts energy and economic markets, and has ominous environmental implications. However, the salient question is whether the IMF estimate makes any sense. The answer is no—rather, it is misguided to the point of absurdity.
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