The world economy spends more than $550bn in energy subsidies a year, about 75 per cent more than previously thought, according to the first exhaustive study of the financial assistance devoted to oil, natural gas and coal consumption.
The study by the International Energy Agency, the western countries' oil watchdog, says phasing out subsidies over the medium term, as agreed last year by the G20, would trigger vast savings in energy consumption and carbon dioxide emissions.
Past efforts have foundered as many countries have vested interests in providing lower-cost fuel to their citizens and industries, and in propping up sectors such as coal mining.
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