Posted 8/24/2023, 1:06:00 PM

Total spending on fuel subsidies topped $7 trillion in 2022, IMF says

Global subsidies for fossil fuels have reached a record $7 trillion in 2022, with the costs driven by post-pandemic consumption growth and Russia's invasion of Ukraine, according to the International Monetary Fund, causing strain on budgets, pollution, and exacerbating global warming.

reuters.com

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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.

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.