IEA warns on world fossil fuel subsidies

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.

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.

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"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.