By Luke Daniel
A study by the International Monetary Fund has found that annual global energy subsidies exceed $5.3 trillion in U.S. dollars, or 6.5 percent of global GDP. The great majority of these subsidies go to fossil fuels. And the great majority of that goes to coal. Of all the world’s nations, only China has greater subsidies to its coal industry than the U.S.
Even with all this help, the steam coal industry is fading, because coal is an expensive way to make electricity. Wind, hydro, natural gas and solar keep rates low. Only nuclear energy costs more than coal.