Global subsidies for fossil fuel consumption are set to reach $660 billion in 2020 unless reforms are passed to effectively eliminate this form of state aid, the International Energy Agency (IEA) said on Tuesday.
"Governments and taxpayers spent about half a trillion dollars last
year supporting the production and consumption of fossil fuels," the energy watchdog said.
"In a period of persistently high energy prices, subsidies represent a significant economic liability," it said.