Subsidies for coal, oil and natural gas were $5.3T worldwide in 2015 (6.5% of global GDP). Undercharging for global warming accounts for 22% of the subsidy, air pollution 46%, broader vehicle externalities 13%, supply costs 11%, and general consumer taxes 8%. China was the biggest subsidizer ($1.8T), followed by the United States ($0.6T), and Russia, the European Union, and India (each with about $0.3T). Eliminating subsidies would have reduced global CO2 emissions by 21% and fossil fuel air pollution deaths 55%, while raising revenue of 4%, and social welfare by 2.2% of global GDP. The figure likely exceeds government health spending across the world, estimated by the World Health Organization at 6% of global GDP, but for the different year of 2013. They correspond to one of the largest negative externality ever estimated.

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