Arabian Gulf and others take heed – it is time to end energy subsidy | The National

Arabian Gulf and others take heed – it is time to end energy subsidy | The National:

"Smothered by the hullabaloo over the US government shutdown was an important call to action: Let’s end the staggering giveaway of nearly US$2 trillion in energy that goes to people who need it least.

The IMF managing director Christine Lagarde said at the United Nations this month that she opposed fossil fuel subsidies for solid economic reasons, but also because of the big climate benefits from eliminating them. “The IMF is not an environmental organisation, but we can help here.”

Subsidies on petrol, electricity and other fossil-based energy sources ate up “a whopping 2.5 per cent of global GDP that could have been used more wisely”, she added. “Taking action on this issue alone — energy subsidies — would be good for the budget, good for the economy, and good for the planet.”"

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