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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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Energy subsidies 'aggravate global warming ': IMF
2013-03-28 11:19:00| Climate Ark Climate Change & Global Warming Newsfeed
Brisbane Times: The International Monetary Fund has urged nations to slash their $US1.9 trillion ($1.8 trillion) in annual energy subsidies because they increase inequality, boost greenhouse gas emissions and limit investment in the renewable energy industry. While many nations use energy subsidies to shield consumers from rising prices, benefits tend to be grabbed by higher-income households. The outlays also sap funds available for bigger improvements to assist the wellbeing of the poor, such as health and...
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Subsidies Play Significant Role in Climate Change, IMF Says
2013-03-27 22:34:00| Climate Ark Climate Change & Global Warming Newsfeed
Inter Press Service: The International Monetary Fund (IMF) is urging national governments around the world to roll back or eliminate subsidies on petroleum-based energy sources, estimating that this alone could result in a 13-percent decline in global carbon dioxide emissions. In an unusual new paper marking its full entry into the climate change debate, the Washington-based fund on Wednesday said the cost of "pre-tax" subsidies for these products, when consumers pay less than the cost of supply, stood at about 480...
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IMF Want to fight climate change? Get rid of $1.9 trillion in energy subsidies
2013-03-27 20:24:00| Climate Ark Climate Change & Global Warming Newsfeed
Washington Post: What`s the simplest way to tackle global warming? Make sure that fossil fuels are priced properly and not subsidized. Is it really that easy? That`s the core idea behind a large new report (pdf) from the International Monetary Fund, which argues that the world "misprices" fossil fuels to the tune of some $1.9 trillion per year. Eliminating these subsidies, the IMF argues, and replacing them with appropriate carbon taxes could cut global greenhouse-gas emissions by 13 percent, curtail air pollution,...
IMF head Lagarde's flat searched
2013-03-20 14:26:02| BBC News | Business | UK Edition
French police search the Paris apartment of IMF chief Christine Lagarde, as part of an investigation into alleged abuse of her authority as finance minister.
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