Five trillion US dollars annually – that’s how much is being lavished in various forms of subsidies on the global fossil fuel industry, according to a recent report by the International Monetary Fund (IMF). US$10 million a minute – more than the health budgets of every country on earth combined.
We’re told that there’s not enough money for decent health care, education or welfare. But the equivalent of 6.5 percent of global GDP is being poured into an industry that’s driving the world to social and environmental catastrophe.