4.6 • 3.5K Ratings
🗓️ 23 November 2024
⏱️ 9 minutes
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Governments around the world have promised to fight climate change. But are they also pumping an absolutely massive amount of money into subsidies for fossil fuels? In 2022, an IMF working paper estimated that global subsidies for fossil fuels totalled $7 trillion. But when you dig into that research, you find that this number might not mean what you think it does. We explain how they reached that conclusion, with the help of Angela Picciariello from the International Institute for Sustainable Development, and Nate Vernon, one of the co-authors of the IMF paper.
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0:00.0 | On a winter's night in 1974, a crime took place that would obsess the nation. |
0:07.0 | It was an extraordinary news story. |
0:09.0 | The story of an aristocrat, Lord Lucan, who's said to have killed the family Nanny, |
0:14.0 | mistaking her for his wife, then somehow just disappeared. |
0:18.0 | One of the great mysteries in English criminal history. We're still looking for Lucan. |
0:22.1 | It's honestly one of the most powerful stories of my lifetime. |
0:26.0 | I'm Alex von Tundselman. |
0:27.4 | This is The Lucan Obsession. |
0:29.2 | Listen on BBC Sounds. |
0:31.7 | Thanks for downloading the more or less podcast, |
0:34.7 | with a program that takes a long, hard look at some of the numbers in the news, |
0:38.5 | and I'm Charlotte McDonald. World leaders have been meeting at COP 29 in Azerbaijan as part of |
0:48.3 | the international effort to tackle climate change. One thing they could do, according to a stat |
0:54.1 | that's repeated across the internet, |
0:56.0 | would be to stop spending a huge amount of money, $7 trillion per year, on subsidising fossil fuels. |
1:04.0 | This $7 trillion subsidy figure has been used by world leaders, climate change campaigners, reported on by news outlets, |
1:12.5 | and repeated by the UN. But is it a good number? |
1:18.6 | Tom Carls has been having a look at this one. Hi Tom. Hey Charlotte. Let's start at the start. |
1:25.1 | Where does the $7 trillion number come from? Right, yeah. So this comes from a report |
1:30.4 | by the IMF, that's the International Monetary Fund, a big UN finance agency, and it's an estimate of |
1:36.7 | fossil fuel subsidies in 2022. Technically, it's from an IMF working paper, so it represents the view of |
1:43.9 | the authors, not the IMF. |
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