Fossil-fuel subsidiesFiscal / market distortion
0.70Strengthened85% impact weight
outcomeneeds reviewconfidence: medium
IMF estimates global fossil-fuel subsidies hit a record $7 trillion in 2022
The IMF estimated that worldwide fossil-fuel subsidies reached a record $7 trillion in 2022 - about 7.1% of global GDP - combining roughly $1.3 trillion in explicit price subsidies with about $5.7 trillion in implicit subsidies from uncharged climate, air-pollution and other externalities. The surge followed the 2022 energy-price spike.
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The IMF estimated that worldwide fossil-fuel subsidies reached a record $7 trillion in 2022 - about 7.1% of global GDP - combining roughly $1.3 trillion in explicit price subsidies with about $5.7 trillion in implicit subsidies from uncharged climate, air-pollution and other externalities. The surge followed the 2022 energy-price spike.
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