Fossil Fuel Burden on State Coffers
Nations are weighing phaseout of fossil-fuel subsidies, a growing fiscal burden that ratchets up carbon dioxide emissions by encouraging wasteful oil, natural gas, and coal consumption. The largest subsidies are in developing countries, which spend more than $400 billion annually shielding their populations from high fuel prices. But oil industry tax breaks and other government measures in developed nations also subsidize fossil fuels, to the tune of $45 billion to $75 billion per year.
Sources: International Energy Agency;
Organization for Economic Cooperation and Development;
Fuel prices from GIZ, the German Society for International Cooperation.
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