Deputy Director Sam Bowman writes for The Daily Telegraph:
The International Monetary Fund (IMF), which usually restricts itself to bailing out indebted eurozone countries, has released a paper claiming that more than five trillion – yes, trillion – dollars is spent annually in subsidies for the fossil fuel industry.
At least, that’s how it was reported by most of the media. When you read the report, it becomes clear pretty quickly that the IMF’s definition of a subsidy is a little different from everyone else’s.