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P
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rospects for global
energy markets have been reshaped by two recent pieces of news, one of which
helps to explain the other.
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| Prof John Quiggin. |
The first is a report from the International Monetary Fund (IMF) released on Monday, estimating that global fossil fuel use is subsidised
to the tune of US$5.3 trillion a year (6.5% of global GDP).
The second is the continuing decline in coal production and
use in China, which began in 2014. The latest reports show April 2015 coal
production in China was down 7.4% on April 2014.
To understand the link between the two, it is necessary to
look at the way the IMF obtained its estimate.
A Professor, School of Economics at The University of Queensland, John Quiggin, who recently spoke in Melbourne has written on The Conversation about: “The world is waking up to the $5.3 trillion cost of fossil fuels”.
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