Fossil fuel subsidies rose to a record $7 trillion last year, according to an International Monetary Fund study. Governments supported consumers and businesses during a period of global rise in energy prices caused by Russia's invasion of Ukraine and economic recovery from the pandemic.
As the world struggles to limit global warming to just 1.5 degrees Celsius and parts of Asia, Europe, and the United States suffer from extreme heat, subsidies for oil, coal, and natural gas cost the equivalent of 7.1 percent of global GDP. This is more than what governments spend annually on education (4.3% of global income) and about two-thirds of what they spend on health care (10.9%).
Source (Al-Arabiya.net Website, Edited)
