Global Fossil Fuel Subsidies Rise to $7 Trillion in 2022, Exacerbating Climate Crisis

IMF said India spent $350 billion on fossil fuel subsidies in 2022

September 7, 2023

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Putting the spotlight on the role of fossil fuel subsidies in exacerbating the climate crisis, a damning analysis by the International Monetary Fund (IMF) has said total fossil fuel subsidies amounted to a whopping $7 trillion in 2022 or 7.1% of global GDP.

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B.S. Nagaraj

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Global Fossil Fuel Subsidies Rise to $7 Trillion in 2022, Exacerbating Climate Crisis

Continue Reading with Premium Access

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