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August 24, 2023

Fossil fuel subsidies hit record $7tn, says IMF

(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 ...

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