How Large are Global Energy Subsidies? (IMF Working Paper)

This Working Paper provides the latest estimates of global energy subsidies, which are projected at US$5.3 trillion in 2015, or 6.5 percent of global GDP. Most of this arises from countries setting energy taxes below levels that fully reflect the environmental damage associated with energy consumption. The paper also provides data on the expected health, fiscal and environmental gains from eliminating global energy subsidies. Key findings of the paper were presented at an event at the Brookings Institution in May 2015.