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20.5.2015

The world spends more on oil subsidies than on health   

As the newspaper "Die Welt" reports, around the world fossil fuels are subsidized to the tune of USD 5.3 billion.This is more than is spent on the health sector. Accordingly, the
IMF wishes to finally reduce this climate-killing funding.
      


Only a few months before the United Nations’ World Climate Conference in Paris, not just any eco-organization, but the International Monetary Fund (IMF) has called upon governments to stop subsidizing the consumption of coal, oil and gas.
The IMF argues that were the globally standard funding of fossil fuels to cease, this would release billions of US dollars for more productive purposes, while simultaneously effectively limiting emissions of the greenhouse gas CO2.
  
The Washington-based fund, which is responsible for international financial market stability, has also presented new calculations regarding the scale of the subsidies for fossil fuels. These indicate that the sums involved are more than twice as large than was previously thought. This year, governments around the world will spend a total of USD 5.3 billion on keeping down the prices of coal, oil and gas.    

The IMF experts regard this level of funding as “shocking”, as it accounts for roughly 6.5 per cent of global GDP. Moreover, more money is spent on propping up the price of coal, oil and gas worldwide than on the health sector, as according to figures for the World Health Organization, only some six per cent of gross value added is invested in the health system.

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