Request Free Trial
August 24, 2023

Fossil fuel subsidies hit record $7tn, says IMF

(Photo: Justin Sullivan/Getty Images)
(Photo: Justin Sullivan/Getty Images)

Government support to contain rising oil and gas prices for end users more than doubled since 2020

A new IMF study has found that fossil fuel subsidies reached a record value of $7tn in 2022 as governments absorbed part of the higher energy prices caused by Russia’s invasion of Ukraine in an effort to support businesses and households.

To continue reading

Request Free Trial
  • Unlimited access to all content
  • Email alerts highlighting key industry insight.
  • Invitations to attend exclusive roundtables and events.
  • The Sustainable Views Policy Tracker - deep insight on ESG regulations and deadlines
Already a subscriber?Log in
A service from the Financial Times