Archive for the tag “International Monetary Fund”

The IMF’s “shocking” estimate of fossil fuel costs: There’s more to the story

Sajai Jose

Credit: CGP Grey/Flickr, CC-BY 2.0
Credit: CGP Grey/FlickrCC-BY 2.0

Recently, when an International Monetary Fund research paper revealed that the actual cost of fossil fuel usage for 2015 was a staggering US$ 5.3 trillion (approx. 340 lakh crore rupees), it made headlines worldwide, though it went largely unreported in India.

What accounts for the bulk of this figure are the hidden costs of fossil fuel use – referred to as ‘externalities’ in economics calculated in monetary value. Most of it consists of damages inflicted by fossil fuel use on public health (for eg. deaths from air pollution) and the environment (global warming). Read more…

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