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Top 10 Countries with the Largest Fossil Fuel Subsidies in the World: Indonesia Included

Adi Ahdiat 29/08/2023 16:58 WIB

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According to the IMF, Indonesia was the seventh-largest recipient of fossil fuel subsidies globally in 2022.

Top 10 Countries with the Largest Fossil Fuel Subsidies in the World (2022)

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Top 10 Countries with the Largest Fossil Fuel Subsidies in the World: Indonesia Included

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Top 10 Countries with the Largest Fossil Fuel Subsidies in the World (2022)

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According to the International Monetary Fund (IMF), the global value of fossil fuel subsidies reached US$7 trillion in 2022.

This figure includes subsidies for gasoline, diesel, kerosene, and other petroleum commodities; natural gas including LPG; coal; and fossil fuel-based electricity subsidies in 168 countries.

The US$7 trillion figure comprises "explicit subsidies" worth US$1.3 trillion and "implicit subsidies" worth US$5.7 trillion.

Explicit subsidies are direct government incentives that make the retail price of fuel cheaper than its supply price.

Implicit subsidies, on the other hand, are indirect incentives, such as reductions in consumption tax, exemptions from environmental taxes for fossil fuel users/industries, and so on.

In 2022, China was the world's largest provider of fossil fuel subsidies with a value of US$2,235.36 billion, consisting of US$269.71 billion in explicit subsidies and US$1,965.65 billion in implicit subsidies.

Indonesia ranked 7th globally. According to the IMF, in 2022, the value of fossil fuel subsidies in Indonesia reached US$194.12 billion, comprising US$78.18 billion in explicit subsidies and US$115.95 billion in implicit subsidies.

However, considering only explicit subsidies, Indonesia was the world's third-largest provider of fossil fuel subsidies in 2022, after China and Saudi Arabia.

The IMF is now urging countries to evaluate their energy policies to reduce air pollution and mitigate the climate crisis.

"Eliminating explicit subsidies for fossil fuels and implementing corrective taxes such as carbon taxes could reduce global carbon dioxide (CO2) emissions by up to 43% by 2030," said the IMF research team in its report, *IMF Fossil Fuel Subsidies Data: 2023 Update*.

"This is in line with efforts to keep the global warming rate below 2 degrees Celsius," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Top 10 Countries with the Largest Fossil Fuel Subsidies in the World: Indonesia Included

Top 10 Countries with the Largest Fossil Fuel Subsidies in the World: Indonesia Included

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Top 10 Countries with the Largest Fossil Fuel Subsidies in the World: Indonesia Included

Top 10 Countries with the Largest Fossil Fuel Subsidies in the World: Indonesia Included

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