Environment

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Fossil Fuel Subsidies Surged to Record $7 Trillion (www.imf.org)

submitted 1 year ago by throws_lemy@lemmy.nz to c/environment@beehaw.org

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[–] Chup@feddit.de 0 points 1 year ago* (last edited 1 year ago) (1 children)

We have seen that news a few days ago already and it's mentioned in this article right away why the number is high:

Fossil-fuel subsidies surged to a record $7 trillion last year as governments supported consumers and businesses during the global spike in energy prices caused by Russia’s invasion of Ukraine and the economic recovery from the pandemic.

Another news article mentioned the increase was in 2022 compared to 2020. We don't know the 'real' numbers without the Russian invasion but if that survey is done every two years, it might look completely different and way better in 2024 and we're currently only having a temporary skewed statistic.

[–] the_wise_wolf@feddit.de 0 points 1 year ago

it might look completely different and way better in 2024 and we're currently only having a temporary skewed statistic

The graph in the blog post does not suggest that. Sure it may very well fall next year, but not by much. Also, $7 trillion is just so much money. To put that into context, a quick search suggests ending world hunger would cost $330 billion. In total, not per year.