IMF says fossil fuel subsidies in Australia amount to nearly $1,200 per person, or a total of $29 billion.
IMF says subsidies to global fossil fuel industry reached $A6.7 trillion in 2015 – or $A18 billion a day, or $A12 million a minute.
IMF says fossil fuels subsidy reform ‘urgent as ever’, with countries like Australia still paying $1000+ per capita for them.
New Labor leader Bill Shorten’s support for carbon pricing is actually a deft assault on Tony Abbott’s weak spot, his hard right flank. International pressure for market-based climate solutions is mounting, and Australia’s credibility hangs in the balance.
If there is something the world’s major financial institutions can agree on, it’s that reducing carbon emissions can be good for the financial sector.