Global Subsidies for Fossil Fuels Skyrocket to $7 trillion per Year, as 2023 Promises to be Hottest on Record

The International Monetary Fund reports that nations around the world indirectly subsidized fossil fuels by $7 trillion in 2022, despite the increasing dangers of greenhouse gas emissions and global heating.

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8/24/2023

Fossil fuels being subsidised at rate of $13m a minute, says IMF

Fossil fuel subsidies reached a record $13 million per minute in 2022, amounting to $7 trillion for oil, gas, and coal, despite being the main contributor to the climate crisis, according to the International Monetary Fund (IMF), which also stated that ending these subsidies would be crucial for climate action and could lead to a decrease in global heating, prevent air pollution deaths, and generate trillions of dollars in government revenues.

8/26/2023

Time to replace extreme poverty line of $2.15/day with empowerment line of $12/day: McKinsey report

A McKinsey Global Institute report highlights the need for $37 trillion in cumulative spending power increase by 2030 to achieve global economic empowerment, focusing on fulfilling essential needs such as nutrition, housing, healthcare, and education while also addressing environmental concerns. Economic empowerment and sustainability must go hand in hand, requiring additional investment of $47 trillion to achieve net-zero emissions, resulting in a total global investment of $84 trillion by 2030. While businesses and the market economy can contribute half of these resources, bridging the remaining gap will require new policies and incentives.

8/28/2023

Exxon says world set to fail 2°C global warming cap by 2050

Exxon Mobil Corp projects that oil and natural gas will still account for 54% of the world's energy needs in 2050, with CO2 emissions doubling the desired scenario set by the IPCC.

9/11/2023

Reducing Fossil Fuel Demand More Effective than Supply Cuts for Climate

Focusing on cutting demand for fossil fuels through measures such as carbon taxes and renewable energy subsidies is more effective than solely curbing supply, as it incentivizes investors and banks to stop funding the industry and leads to a reduction in production, according to climate change activists.

9/12/2023

Fossil Fuel Demand to Peak by 2030 But Not Fast Enough to Limit Warming: IEA

Demand for fossil fuels is expected to reach an all-time high before 2030, despite progress in the fight against climate change, according to Fatih Birol, Executive Director of the International Energy Agency.

9/13/2023

Inflation Reduction Act Puts U.S. on Track for Major Cuts in Carbon Emissions

The U.S. economy is projected to reduce carbon dioxide emissions by 35-43% by 2030 through the Inflation Reduction Act, which provides tax credits for electric vehicles and renewable energy production.