Fossil fuels being subsidised at rate of $13m a minute

Fossil fuels benefited from record subsidies of $13 million (£10.3m) a minute in 2022, according to the International Monetary Fund, despite being the primary cause of the climate crisis.

The IMF analysis found the total subsidies for oil, gas and coal in 2022 were $7tn (£5.5tn). That is equivalent to 7% of global GDP and almost double what the world spends on education.

Explicit subsidies, which cut the price of fuels for consumers, doubled.

Rich households benefited far more from these than poor ones.