A new study by the International Monetary Fund shows that global governments will subsidize the cost of gas, coal and oil with a shocking $10 Million per minute in 2015.

The Independent reports that, 

"The estimated figure, which the International Monetary Fund (IMF) has described as “extremely robust," suggests that firms benefit from $5.3 trillion a year. That is more than the annual total worldwide governments spend on health care, according to World Health Organization (WHO) statistics.

Researchers defined energy subsidies as the difference between what consumers pay for energy and its 'true costs,' as firms do not pay the costs levied against governments by burning fossil fuels.

This sum factors in supply costs and the damage that energy consumption inflicts on people’s health and the environment." 

The IMF states that, 

"Subsidies are intended to protect consumers by keeping prices low. But they also come at a high cost. Subsidies are expensive for governments--and therefore taxpayers--to finance and can hinder governments' efforts to reduce budget deficits. They also compete with other priority public spending on roads, schools and healthcare.

Subsidies encourage excessive energy consumption, which accelerates the depletion of natural resources. They also reduce the incentive for investment in energy efficiency and other forms of cleaner energy. By encouraging wasteful use of energy, energy subsidies can exacerbate the external vulnerability of countries to volatile international energy prices."

Due to these reasons and many others, the IMF is calling or subsidy reforms while urging world leaders to take action. Energy subsidy reform could result in increasing government revenue by as much as $2.9 trillion, or 3.6% of the global GDP. 

How many of you would like to see subsidies go toward renewable energy instead of fossil fuels? 

The views and opinions expressed herein are those of the authors alone and do not necessarily reflect the views of Ora Media, LLC its affiliates, or its employees.

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