For more than forty years, Shell Moerdijk produces chemical building blocks from which other companies are making all kinds of chemicals and plastics . Photo ANP / Lex van Lieshout
Worldwide annual $ 5,300 billion spent on fossil fuel subsidies. That is 6.5 percent of global gross domestic product.
“Shocking”, the International Monetary Fund calls (IMF) estimates that in a report. According to the organization, this is more than governments spend on health care worldwide, with 6 percent in 2013 according to the World Health Organisation.
Earlier, IMF research shows that the subsidies have negative effects on economic growth and inequality. They are also bad for the environment. The IMF calls for a reform of the subsidies and higher taxes on energy, because the price is now being paid for ‘polluting energy “, is well below actual cost.
A global subsidy stop would produce a CO2 reduction of 17 percent. China is subsidizing the fossil fuel industry the most (2,300 billion), followed by the US (699 billion), Russia (335 million) and EU (330 billion).
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