Global governments will allocate$5.3 trillion in subsidies for fossil fuels this year,and energy taxes should rise to ac-count for environmental and health effects,the IMF said in a report. “Environmental damages from energy subsidies are large and energy subsidy reform through efficient energy pricing is urgently needed,”the report said. The IMF estimates energy subsidy globally in 2015 will be$5.3 trillion,or 6.5pc of global GDP when accounting for negative social effects from using fossil fuels for energy production.
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