The International Energy Agency (IEA) recently released its 2010 estimate of global fossil-fuel consumption subsidies—$409 billion, 36 percent ($109 billion) higher than in 2009.[i] This increase, however, is almost entirely due to the increase in international energy prices. Under current trends, it could reach $660 billion by the end of the decade (0.7 percent of global GDP).[ii] Oil subsidies make up almost half the total fossil fuel consumption subsidies, with…
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