Psst, Trudeau: IMF Now Pegs Our Fossil Fuel Subsidies at $46 Billion
Fastest way to transition Canada to a green economy? Quit the giveaways.
Justin Trudeau has a problem. How can Canada meet our international climate commitments so recently inked in Paris with an increasingly empty economic larder? The International Monetary Fund may have the answer. Last summer, the IMF updated its global report on energy subsidies and found that Canada provides a whopping $46.4 billion in subsidies to the energy sector in either direct support or uncollected taxes on externalized costs.
To be clear, the IMF is including all untaxed externalized costs of energy use under their definition of subsidies. The figures flagged for Canada still include $1.4 billion in direct "pre-tax" subsidies -- the kind of direct public giveaways that Trudeau campaigned to eliminate. The remaining $44.6 billion is in the form of externalized costs to society from dirty and dangerous fossil fuels -- things like air pollution, traffic congestion and climate change.
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