Fossil fuels subsidies are worth $5.3 trillion

$5.3 trillion (or 4.7 trillion euros) : those are staggering figures as they amount to $10 million every single minute. The figures come from the International Monetary Fund, so one can be pretty sure of them. 

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Carbon tax endorsed by IMF and OECD

Carbon taxWe have seen it quite a few times in the previous months : taxing carbon is a good idea as it already works in Australia, Ireland and British Columbia. Emissions reductions have been quite noticeable in all cases.

As a result, more countries will follow suit, such as the People’s Republic of China, South Africa and even France. The government of my home country indeed has stated that it will start taxing carbon in January 2014.

As a result, taxing carbon is one of the solutions at the disposal of the nations willing to slash their greenhouse gases emissions among cutting fossil fuels subsidies.

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Global fossil fuels subsidies total $1.9 Trillion

time to end all fossil fuels subsidiesYes, you read that right. According to a new report from the International Monetary Fund, governments around the world are giving in direct and indirect aids up to 1,900 billion USD ( 1,500 billion euros ) to fossil fuels subsidies each year.

This total to 2.5 percent of global GDP. More importantly, ending those subsidies would lead to a drop of 13 percent of total carbon dioxide emissions. Now you understand why I have advocating doing so for the past few years.

The United States of America alone are handing nearly half a trillion dollars in subsidies. China and Russia are following with $279 billion and $116 billion, respectively. 

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