According to the International Monetary Fund (IMF), global Fossil Fuel Subsidies reached a record $7 trillion in 2022, equivalent to over 7% of global GDP. These subsidies make fossil fuels cheaper to produce or buy and exceed the amount spent on education and healthcare. The subsidies were mainly used to support consumers and businesses during the surge in global energy prices caused by Russia's incursion into Ukraine and the economic rebound from the COVID-19 pandemic. China contributed the most to total subsidies, followed by the United States, Russia, India, and the European Union. The IMF highlighted the need for fuel price reform to reduce carbon emissions and prevent premature deaths from air pollution.

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