Nadia Prupis

The fossil fuel industry receives US$5.3 trillion a year in government subsidies, despite its disastrous toll on the environment, human health, and other global inequality issues, a new report by the International Monetary Fund (IMF) has found. That means that governments worldwide are spending $10 million every minute to fund energy companies — more than the estimated public health spending for the entire globe.

Despite pledging in 2009 to phase out public subsidies for the fossil fuel industry, G20 countries have disregarded those promises and are now spending US$88 billion a year to fund the discovery of new gas, coal, and oil deposits around the world, according to a new report published last month by the Overseas Development Institute and Oil Change International.

As talks between Hong Kong protesters and the Chinese government began on October 21, the region’s current chief executive C.Y. Leung spoke out against free elections on the grounds that it would empower the poor. In his first interview with foreign media since the pro-democracy movement began, Leung said that if the public were allowed to nominate any candidate of their choosing, elections would be dominated by the large sector of Hong Kong residents now living in poverty.