| Fossil fuel subsidies cost governments in emerging markets more than $500 billion every year and are a major contributor to climate change, according to the International Energy Agency (IEA) and International Monetary Fund (IMF).
The biggest subsidies are concentrated in the Middle East, North Africa, Asia and parts of Latin America, according to the IEA's Fossil Fuel Subsidy Database. Moreover energy-exporting countries accounted for three quarters of all consumption subsidies in 2012, according to the IEA and Opec members account for more than half the world's subsidies...........................................Full Article: Source
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