Setting the Prices of Fossil Fuels Accurately Might Be a Start?

The International Monitory Fund (IMF) summed the 2020 subsidies on coal, oil and gas. The total was $5.9tn, which is $11m every minute. The biggest beneficiaries were, unremarkably, the oil and coal sectors (https://www.theguardian.com/environment/2021/oct/06/fossil-fuel-industry-subsidies-of-11m-dollars-a-minute-imf-finds). The IMF also established that no country on the planet, priced all its fuels in a manner reflecting every supply and environmental cost. The IMF reckon the hydrocarbon fuel sectors, rather than being heavily boosted by subsidies and tax breaks, should comtribute to the detrimental costs of their activities. Air pollution causes deaths and poor health. Carbon dioxide emissions are major contributors to global heating and climate change. Costing in the former and the latter would respectively add over 40% and almost 30% to the prices of these fuels. The IMF predict that setting fossil fuel prices at levels reflecting their true costs, would cut carbon dioxide emissions by a third. Doing this would reduce fossil fuel use and boost renewables. That would help achieve the rapid reduction in carbon emissions, needed to curb the climate crisis. Subsidising coal, oil and gas seems to be like pouring petrol on to flames to extinguish a raging fire.