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Tag: subsidies
IMF: Fossil fuels receive $10m a minute subsidies
2015-05-19 10:31:00| Climate Ark Climate Change & Global Warming Newsfeed
Blue and Green: The International Monetary Fund (IMF) has said that in 2015, the fossil fuel industry will receive $5.3trn in subsidies, surpassing annual health spending for all the worlds governments. Fossil fuel companies across the planet are set to receive the huge sum from public funds throughout 2015, equating to $10m per minute. In a working paper published on Monday, the IMF described the figures as shocking, adding that the study is extremely robust. It says that the sum is owed largely to the...
Tags: receive
minute
10m
fossil
Global energy subsidies to hit $5.3 tn this year: IMF
2015-05-18 21:45:00| Climate Ark Climate Change & Global Warming Newsfeed
Agence France-Presse: The International Monetary Fund voiced alarm Monday about energy subsidies across the world, saying they were expected to reach $5.3 trillion in 2015, more than government health spending. "These estimates are shocking," the IMF said in a report, noting the figures were among the largest negative factors for economic growth it had ever estimated, piling up adverse effects on efficiency, growth and inequality. The report estimated that this year's energy subsidies represent 6.5 percent of the...
European Commission Drops Demand to Slash Fossil Fuel Subsidies
2015-05-14 14:39:00| Climate Ark Climate Change & Global Warming Newsfeed
Inside Climate: The European Commission removed calls to end subsides for fossil fuels in its yearly audit of 26 economies on Wednesday, raising questions over its commitment to addressing climate change. Last year, the EUs executive arm told Italy to remove environmentally harmful subsidies and ordered France and Belgium to phase out grants in their extracting of coal, oil and gas. Eight countries were urged to start taxing pollution, and 17 to boost renewables, electric grids and energy efficiency. But...
Tags: european
commission
demand
fuel
Norway to review electric car subsidies as sales soar
2015-04-20 17:32:00| Climate Ark Climate Change & Global Warming Newsfeed
Reuters: Norway is reviewing its subsidies for electric vehicles after generous government incentives made the country the biggest user of battery powered cars in the world, hurting state revenues, the finance ministry said. Norway registered its 50,000th electric car on Monday, almost three years earlier than expected thanks to government schemes that have cut taxes and provided a plethora of benefits, including an exemption from tolls and parking fees, free recharging stations and the use of bus lanes....
Tags: review
sales
car
electric
World Bank president calls fossil fuel subsidies be scrapped
2015-04-14 13:08:00| Climate Ark Climate Change & Global Warming Newsfeed
Blue and Green: Jim Yong Kim, the president of the World Bank, has called for fossil fuel subsidies to be scrapped immediately and for a price to be put on carbon. Speaking to the Guardian, Kim said, You can have growth that will protect the plant and decouple carbon emissions from growth. We can get it now, but it would be much easier if we put a price on carbon. He added, [Developing countries] can feel the boot of climate change on their neck, more so than people in the developed world. The results of...
Tags: world
bank
president
calls
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