Countries should not wait for a global climate agreement to implement tax and other pricing measures to recover an estimated $5.3 trillion lost worldwide each year to "mispricing" energy and environmental damage, an International Monetary Fund official said. Post-tax subsides linked to local pollution and other "damage" caused by energy use account for more than half of that $5.3 trillion, whereas global climate change linked to energy-related carbon dioxide emissions accounts for about a quarter, said Michael Keen, the IMF's deputy director for fiscal affairs.
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