The statement did not define precisely what the G7 consider to be a subsidy. The word “inefficient” in the G7 text indicates subsidies that distort energy markets. The OECD estimates that this type of support for fossil fuels within its member states is $160-200bn (£109-136bn) each year.
But when the cost of damage from pollution and climate change is factored in, the International Monetary Fund has estimated that support increases to a staggering $5.3tn a year, or $10m per minute. This is more than the total global spend on human health.