Energy subsidies worldwide (biggest developing economies) = $550B+ annually

Pic here

FT front-pager.

The stunner is less the number (what's a half-trillion across a global economy?) than the fact that the new IEA estimate is 75% higher than previously though.

IEA says recent G20 agreement to phase out subsidies would trigger vast savings in consumption (due to higher prices) and likewise in CO2 emissions.

Past efforts to reduce consumption have failed, says the FT, because of the generous subsidies offered by many governments to keep fuel cheap (like American gas).

The figure of $557B was derived from just 37 large developing countries.  Old figure guessed at $300B.

Atop the list sit all risers:  Iran, Russia, Saudi Arabia, India and China.  Phase out those subsidies and it's like taking most of Europe offline--CO2 wise.

One tough sell, I must say. Energy subsidies in these countries are a huge political issue due to the still large numbers of impoverished folk (vast numbers in India and China), so I wouldn't expect this number to go down without plenty of fights.