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IMF calls for world's $1.9tr fossil fuel subsidies to be removed

2013-03-28 12:06:00| Climate Ark Climate Change & Global Warming Newsfeed

BusinessGreen: Removing worldwide fossil fuel subsidies worth $1.9tr would have "major gains for economic growth and the environment" the International Monetary Fund (IMF) said yesterday. A study by the international body estimates support for products from coal to petrol equate to around 2.5 per cent of global GDP and account for roughly eight per cent of all government revenues. It shows that 20 countries maintain pre-tax energy subsidies that exceed five per cent of their GDP. "For some countries the fiscal...

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