Countries need to put a price on carbon to help the world cut greenhouse gas emissions and limit climate warming to agreed targets, the head of Europe’s biggest utility said on Tuesday.
The fossil fuel industry benefits from subsidies of $11m every minute, according to analysis by the International Monetary Fund. The IMF found the production and burning of coal, oil and gas was subsidised by $5.9tn in 2020, with not a single country pricing all its fuels sufficiently to reflect their full supply and environmental costs.
A reluctance to raise the cost of natural gas is understandable, given that poorer households spend more of their income on heating their homes. But it only further underscores the importance of joined-up, coherent thinking about how Britain can hit its net zero emissions target by 2050.
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Fresh UNIDO-led research in collaboration with the World Bank provides concrete evidence that removing fossil fuel subsidies would not only make environmental sense but would also improve
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