Direct subsidy to fossil fuel industry according to the IMF: $5.3 Trillion per year

A new report published by the International Monetary Fund (IMF) details the subsidies to the fossil fuel industry globally.

These subsidies are hidden from consumers, paid instead through taxes and indirect support to the industry that is by far the most powerful and most directly responsible for greenhouse gas emissions.

If the impacts of climate change were to be factored in, the subsidies would spike even higher, since the consequences of the externalized costs associated with carbon and methane pollution are virtually incalculable.

The Guardian wrote about the findings of the IMF and included the video below.