GLOBAL SUBSIDIES - FOSSIL FUELS VS RENEWABLES
Digital Art on Metal 40" W X 30" H
Global fossil fuel subsidies totaled $544 billion in 2012, compared to only $101 billion for renewables. The International Monetary Fund estimates fossil fuel subsidies for 2015 to be $5.3 trillion - an amount equal to 6.5% of global GDP. More than 40% of this represents subsidies for coal, the most environmentally damaging of all fossil fuels. Although not good news on its face, the disproportionate funding for fossil fuels represents a tremendous opportunity to shift funding to renewable energy without an overall increase in costs.