Global fossil fuel subsidies and costs hit record $7tn in 2022, IMF reports

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Global fossil fuel subsidies hit a record total of $7tn in 2022 as governments rushed to shield consumers from soaring energy prices sparked by Russia’s invasion of Ukraine, the IMF estimates.

The IMF study said subsidies for coal, oil and natural gas in 2022 were equivalent to 7.1 per cent of global…