Saturday, 23 May 2015

IMF calculate that 6.5% of GDP is spent on energy subsidies

Not that this has hit the mainstream press in the UK of course, but Think Progress have covered a report this month by the IMF that shows that energy subsidies amount to 6.5% of global GDP, rising to 18% in some developing countries.

These subsidies are based on the impact on mortality (29,000 people dying prematurely each year in the UK alone as a result of particulate matter from fossil fuels - why is this not on the front page of every newspaper?), the impact on climate change, supply cost subsidies and other areas such as transport subsidies.

6.5% of the UK's GDP is £129 billion each year, more than the NHS costs to run.

3.9% of the GDP subsidises coal, 1.8% subsidised petroleum and 0.6% gas.

I'm guessing the big energy companies are not keen for this to be widely known, perhaps this is why it has not hit the front pages???

Climate change needs urgent action, deaths from diesel fumes need urgent action. The UK has potentially £129bn available to address these - shouldn't take long unless the corporations have something to say about that.

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