Corporate Corruption News StoriesExcerpts of Key Corporate Corruption News Stories in Major Media
Note: This comprehensive list of corporate corruption news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
Hydraulic fracturing uses a host of highly toxic chemicals that could be contaminating drinking water supplies, wildlife and crops, according to a report released Thursday by a California science panel. The long-awaited final assessment from the California Council on Science and Technology said that because of data gaps and inadequate state testing, overwhelmed regulatory agencies do not have a complete picture of what oil companies are doing. The risks and hazards associated with about two-thirds of the additives used in fracking are not clear, and the toxicity of more than half, the report concluded, remains “uninvestigated, unmeasured and unknown. Basic information about how these chemicals would move through the environment does not exist.” Seth Shonkoff, lead author on the public health sections of the report, said he was surprised to learn during his research that recycled wastewater from oil fields was being used on crops. “We've got to know what to test for ... to know that what we are putting onto the crops is safe,” he said. “Until we have that data, I don't know how we can assure farmers and consumers that their food is safe.” Among the findings of the report: Oil operations in federal waters offshore are discharging wastewater directly into the ocean, against EPA regulations, more than half the produced water from fracked wells is disposed of in unlined pits, [and] about one-third of the oil field wastewater pits in the Central Valley are operating without proper permits.
Note: For more along these lines, read this Los Angeles Times article about how fracking poisons drinking water, and see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
Peter Rost is worked up. The ex-Pfizer senior executive turned blogger believes he has uncovered another instance of unethical marketing by Big Pharma. Rost's blog, Question Authority With Dr. Rost, is one part mocking rant, two parts investigative chronicle. He has also published an exposé of his years in the drug industry, "The Whistleblower: Confessions of a Healthcare Hitman." Trained as a physician in his native Sweden, Rost has worked in the drug industry for most of the past 20 years. He almost certainly never will again. Rost hopes that Question Authority - named after the Fortune column in which he was once featured - will help him create a new career. Rost's many critics would love to be able to dismiss him as an embittered crank. But they can't. The blog [is] a conduit for Big Pharma whistleblowers [that once prompted] a government probe into Pfizer's marketing activities. And a dispatch on dubious sales practices led to at least one sales director's ouster. For Big Pharma, whose public image is already battered, blogs are an added nuisance. The problem, says Robert Ehrlich, CEO of DTC Perspectives, a health-care marketing consultancy, is that most pharma companies are, "medically oriented and legally oriented ... but as an industry they are not consumer-oriented." For better or worse, the drug industry is going to have to get used to Dr. Peter Rost - and others like him.
Note: Read an excellent article on Dr. Rost and other major whistleblowers from the pharmaceutical industry. For more along these lines, see concise summaries of deeply revealing big pharma corruption news articles from reliable major media sources.
What if your life depended on a drug that cost half a million dollars a year, every year, for the foreseeable future? That's the price of Soliris, one of the world's most expensive drugs. It is the only medicine available for people suffering from two ultra-rare diseases. And for both diseases, Soliris is not a cure, but ... patients can go back to living normal lives. But only if they can get the drug, and many can't, because it is priced beyond the reach of almost everyone. So how can one drug cost more than the annual income of all but a tiny percentage of households? The reason is ... orphan drug pricing, where actual research and development costs are carefully guarded secrets known only to drug company executives. "Orphan" in this context refers to rare diseases [for which] the patient population was too small to attract the interest of drug companies. But now medications to treat these ultra-rare diseases are becoming more profitable than traditional drugs, because of ... a business model based on extreme pricing. The extreme prices of these new orphan drugs are largely arbitrary, and have very little to do with the development and manufacturing costs. Most drugs are based on scientific discoveries made in publicly funded research labs, by academic scientists. In case of Soliris, most of the research and development was done by university researchers working in academic laboratories supported by public funds. Soliris is Alexion's only drug, but it's a blockbuster, earning revenues of more than $6 billion in just eight years, and making Alexion one of the fastest growing companies in the world.
Note: For more along these lines, see concise summaries of deeply revealing news articles on pharmaceutical corruption from reliable major media sources. Then explore the excellent, reliable resources provided in our Health Information Center.
The prison phone business is a wildly complex, fiercely secretive and enormously lucrative industry. Over the last decade, [this] business has become a scandalous industry, characterized by lawsuits, exorbitant fees, high phone rates and monopolistic relationships between public jails and private companies that openly offer kickbacks to local sheriffs. "This is about shifting the cost of the police state onto the backs of the poor people being policed," says Paul Wright, executive director of Human Rights Defense Center. [There are] an estimated 2.2 million inmates currently behind bars in America. If you've ever tried to call an inmate, there's a good chance you've heard of Securus, or its main competitor, Global Tel*Link (GTL). The two companies reportedly make up about 80 percent of the prison phone business, which drives about $1.2 billion per year in revenues. In the last few years, Securus, especially, has emerged into one of the largest, if not most secretive, prison technology companies in the business. The company employs 1,000 associates in 46 states, contracts with 2,600 jails and prisons across North America, and provides service to more than 1 million inmates and their families. Securus earned $114.6 million in profits 2014, on revenues of about $404 million. When companies like Securus send proposals to jails and prisons around the country, they offer a percentage of the call rate back to the sheriff's office. It's typical for commissions to range anywhere from 40 percent and 80 percent.
After an arm of the U.N.'s World Health Organization (WHO) identified the main ingredient in Monsanto's popular weed killer Roundup as "probably carcinogenic to humans," France has taken a step to limit sales of the herbicide. On Sunday, French Ecology Minister Segolene Royal announced that the government would ban the sale of Roundup at garden centers in the country. Roundup and generic versions of glyphosate are still the most widely used herbicides in the world, among farmers and municipalities alike. As of 2012, it was the top choice of New York City for killing weeds in its parks. Farmers like Roundup because "Roundup Ready" versions of crops like corn and soybeans have been modified to specifically tolerate the herbicide, allowing growers to spray Roundup widely across their fields without damaging their crops. Shortly after the WHO announcement, Patrick Moore, who has an ecology Ph.D. and is a controversial defender of genetically modified crops, offered to drink Roundup on French television to prove its safety. But when a TV host offered him a glass of the stuff, Moore refused, and the video of the exchange quickly went viral online.
Note: The Netherlands, Bermuda, and Sri Lanka preceded France in banning over the counter sales of Roundup. Watch a revealing documentary showing how Monsanto ruthlessly pursued farmers to stop them from planting their own seeds and corrupted judges to illegally support their efforts. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources. Then explore the excellent, reliable resources provided in our Health Information Center.
If companies don't ... focus on "internal equity" – how the highest paid executive's pay compares with that of everyone else in the organization – they risk losing their own staff's dedication and focus. Indeed, a bias to focus only on the external market in recent years has helped push executive compensation way out of whack. Because of the yawning gap between the leaders and the led, employee morale is suffering, talented performers' loyalty is evaporating, and strategy and execution is suffering at American companies. A smaller gap makes for greater solidarity, and as a result better performance, throughout the workplace. At Whole Foods, we've made adjustments to keep the external and internal equity perspectives in balance. We have a salary cap – the maximum allowable ratio of the highest cash compensation to average employee cash compensation. Today it's 19 to 1. The maximum cash compensation anyone can make at Whole Foods at about $650,000. Whole Foods has never lost to a competitor a top executive that we wanted to keep since the company began more than 30 years ago. The truth is that maximizing personal compensation is not the only motivation that people have in their work. We discover that once our basic material needs are satisfied, money becomes less important to us. In my experience, deeper purpose, personal growth, self-actualization, and caring relationships provide very powerful motivations and are more important than financial compensation for creating both loyalty and a high performing organization.
Note: This article was written by the CEO of Whole Foods, John Mackey. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
Lego just announced a bold 10-year plan to makes its goods more environmentally friendly. This comes after a 2013 partnership with the World Wildlife Fund to develop a plan in reducing its overall carbon emissions, as well as those of its supply chain. Lego pledged to invest $150 million to find a replacement for the plastic used in its blocks as well as to reduce the size of its packaging. A commitment for this kind of strategy includes using recycled or renewed materials and improving the recyclability of its products. Hasbro and Mattel, producers of such iconic toys as Play-Doh and Hot Wheels, respectively, have also vowed to invest in this global issue. By 2020, Hasbro plans to reduce its waste, water, energy, and greenhouse gas emissions. It is also overhauling the packaging for most of its brands. These strides have led to Hasbro being named a winner of the EPA's 2014 Climate Leadership Award. After caving to mounting pressure from Greenpeace, Mattel committed to source new materials for its packaging, setting a goal of 85 percent recycled materials by the end of 2015. "The investment announced is a testament to our continued ambition to leave a positive impact on the planet, which future generations will inherit," said Lego Group owner Kjeld Kirk Kristiansen. Words we should all try to live by.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Neil Young ... has a new album coming out at the end of June called "The Monsanto Years." And it's a biting attack on the seed giant -- as well as other big corporations. The title track refers to "the poison tide of Monsanto" and describes a farmer who "signs a deal for GMOs that makes life hell with Monsanto." Young also lashes out at Starbucks in a song called "A Rock Star Bucks a Coffee Shop." "I want a cup of coffee but I don't want a GMO. I like to start my day off without helping Monsanto," Young sings in his trademark nasal whine. The singer announced ... that he would no longer drink Starbucks lattes because the company, along with Monsanto, was part of the Grocery Manufacturers Association trade group. That organization sued the state of Vermont to overturn a law that would require food and beverage companies to disclose on their labels if GMOs are used in the products. "GMO labeling matters. Mothers need to know what they are feeding their children. They need freedom to make educated choices at the market," Young said. Young also rails against the Supreme Court's Citizens United ruling on campaign finance in several songs. And he criticizes Walmart's labor practices in a song called "Big Box," which has the following verse: "People working part-time at Walmart never get the benefits for sure." So far, it looks like Walmart isn't planning to retaliate against Young. You can preorder "The Monsanto Years" at Walmart.com.
Note: For more along these lines, see concise summaries of deeply revealing genetic modification news articles from reliable major media sources. Then explore the excellent, reliable resources provided in our Health Information Center.
More than 300 international companies including Pepsi, Ikea, FedEx, AIG, Deutsche Bank and Abbott Laboratories allegedly secured secret deals from Luxembourg to drastically reduce their global tax bills. The International Consortium of Investigative Journalists (ICIJ), citing leaked documents, reported that the companies appear to have channelled hundreds of billions of dollars through the European duchy, and saved billions of dollars in taxes. PricewaterhouseCoopers is alleged to have helped multinational companies obtain at least 548 tax rulings in Luxembourg from 2002 to 2010. These legal secret deals allegedly feature complex financial structures designed to create drastic tax reductions. The rulings provide written assurance that companies' tax-saving plans will be viewed favourably by Luxembourg authorities. Some firms have allegedly enjoyed effective tax rates of less than 1% on the profits they've shuffled into Luxembourg. The ICIJ claims to have reviewed 28,000 pages of confidential documents before reaching its conclusion. The documents include hundreds of private tax rulings, known as "comfort letters", that Luxembourg provides to corporations seeking favourable tax treatment. Earlier, the European Union (EU) initiated a probe on Luxembourg over its tax treatment of big companies such as Amazon and Fiat Finance, which apparently violated European law. Luxembourg officials have supplied some information to the EU in connection with the investigation but have refused to provide a larger set of documents relating to its tax rulings.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
Retailers have the ability to scan your face digitally, and use that identification to offer you special prices or even recognize you as a prior shoplifter. But should they use it? Should they get your permission first? Privacy advocates announced Tuesday they have walked away from a government-run effort with industry intended to ... hash out voluntary protocols for facial recognition technology in a way that doesn't hurt consumers. The Commerce Department's National Telecommunications and Information Administration, or NTIA, was acting as mediator. The two sides had been meeting for 16 months ... until the nine major privacy groups said they had hit a dead end and that "people deserve more protection than they are likely to get in this forum. At a base minimum, people should be able to walk down a public street without fear that companies they've never heard of are tracking their every movement — and identifying them by name — using facial recognition technology," the groups said. "We have been unable to obtain agreement even with that basic, specific premise." The ability to apply a unique signature to a person's face, even if you don't identify them by name, is particularly invasive, according to privacy advocates. "You can change your password and your credit card number; you cannot change your fingerprints or the precise dimensions of your face. Through facial recognition, these immutable, physical facts can be used to identify you, remotely and in secret, without any recourse."
Note: Read this article for more in this matter. Remember, the same technologies that lead to the disappearance of privacy rights for individuals are also used by corrupt corporations against nonprofit civic organizations to undermine democracy.
The leak of new information on the Trans-Pacific Partnership agreement (TPP) shows the mega-trade deal could provide more ways for multinational corporations to influence Australia’s control of its pharmaceutical regulations. Revealed via Wikileaks, the annexe on “transparency and procedural fairness for pharmaceutical products and medical devices” uncovered the draft agreements regarding medicines between the 12 TPPA member countries [representing] 40% of the world’s economy. The leaked text, dated December 2014, laid out the draft rules for member countries regarding medicines under national health care programs, in Australia’s case, the Pharmaceutical Benefits Scheme (PBS). This ‘transparency’ annexe seeks to erode the processes and decisions of agencies that decide which medicines and medical devices to subsidise the public money and by how much. That will mean fewer medicines are subsidised, or people will pay more as co-payments. However, [trade minister Andrew] Robb said ... that the government would not accept anything that would adversely affect the PBS. Parliamentarians were offered the chance to see the TPP draft by Robb [only] if they agreed to a four year non-disclosure agreement. Senator Peter Whish-Wilson ... who has not seen the draft as he refused to agree to the terms of the agreement, said the latest leak suggested the Australian PBS could be undermined.
Note: The Trans-Pacific Partnership may be a pending disaster. But we do not know for sure, because its contents remain secret. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.
Federal law designates the secretary of state as “responsible for the continuous supervision and general direction of sales” of arms, military hardware and services to foreign countries. In practice, that meant that [Hillary] Clinton was charged with rejecting or approving weapons deals — and when it came to Clinton Foundation donors, Hillary Clinton’s State Department did a whole lot of approving. While Clinton was secretary of state, her department approved $165 billion worth of commercial arms sales to Clinton Foundation donors. That figure ... is almost double the value of arms sales to those countries during the same period of President George W. Bush’s second term. The Clinton-led State Department also authorized $151 billion of separate Pentagon-brokered deals for 16 of the countries that gave to the Clinton Foundation. That was a 143 percent increase in completed sales to those nations over the same time frame during the Bush administration. The 143 percent increase in U.S. arms sales to Clinton Foundation donors compares to an 80 percent increase in such sales to all countries over the same time period. American military contractors and their affiliates that donated to the Clinton Foundation — and in some cases, helped finance speaking fees to Bill Clinton — also got in on the action. Those firms and their subsidiaries were listed as contractors in $163 billion worth of arms deals authorized by the Clinton State Department.
Note: If you can not access this article at the link above, it is also available here. If you look at war and global politics from the point of view of war profiteering, you can see why despite popular opposition to war, it never stops. Read an excellent essay by a top US general exposing how war is a racket.
Last week, WikiLeaks disturbed many journalists with an initiative to crowd-source a $100,000 “bounty” on the text of the Trans-Pacific Partnership trade deal. In traditional newsrooms, the idea of offering a cash incentive for the leaking of confidential documents is anathema. But WikiLeaks ... leaves us no choice but to reconsider this prohibition. The TPP exceeds agreements like Nafta in scope and scale and involves far-reaching foreign policy decisions. Its measures will touch the lives of every citizen in the 12 countries expected to sign the pact. Chapters already leaked suggest that the deal restricts fair use of copyrighted material, expands medical patents and weakens public policies that govern net neutrality. Members of Congress can read the text in a secure room but cannot discuss its contents publicly. Representatives from about 600 private corporations are said to have access to the document. Yet the public is excluded. WikiLeaks has arrived at a flawed solution to a very real problem. We have reached a point in the evolution of global democracy at which secrecy and transparency are grotesquely imbalanced. Right now, the bounty may be the best shot we have at transforming the TPP process from a back-room deal to an open debate. But we need a better system to discourage unjustified secrecy, to protect sources and to encourage public-interest whistle-blowing.
Note: The Trans-Pacific Partnership may be a pending disaster. But we do not know for sure, because its contents remain secret. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.
A nurse was unfairly denied unemployment benefits after she was fired for refusing a flu shot without claiming a religious or medical exemption, a New Jersey appeals court ruled Thursday. The three-judge panel wrote that the hospital's policy of allowing religious or medical exemptions to the flu shot requirement "unconstitutionally discriminated against" plaintiff June Valent by rejecting her refusal to be vaccinated for secular reasons. Valent was working as a nurse at Hackettstown Community Hospital in 2010 when the hospital's parent company began requiring employees to take the flu vaccine unless they had medical or religious reasons not to. Employees claiming an exemption were required to sign a form and provide documentation. Anyone refusing the vaccine was required to wear a mask while at work. Valent declined the vaccine but didn't state a medical or religious reason, and agreed to wear a mask. She was terminated based on her refusal of the vaccine and disqualified for unemployment benefits by a Department of Labor board of review after several hearings and appeals from both sides. The board concluded that the hospital demonstrated Valent had engaged in work-related misconduct by refusing the flu shot, according to Thursday's ruling. The appellate judges concluded that the hospital violated Valent's right to freedom of expression by endorsing the religious-based exemption while denying her secular choice.
WikiLeaks on Wednesday released 17 different documents related to the Trade in Services Agreement (Tisa), a controversial pact currently being hashed out between the US and 23 other countries – most of them in Europe and South America. The document dump comes at a tense moment in the negotiations over a series of trade deals. President Barack Obama has clashed with his own party over the deals as critics have worried about the impact on jobs and civil liberties. Unions, which fear heavy job losses once long-standing trade protections are dismantled, reacted with dismay following publication of the previously hidden documents. Rosa Pavanelli, general secretary of the Public Services International union, said: “It is outrageous that our democratically elected governments will not tell us the laws they are making. What has our democracy come to when the community must rely on Wikileaks to find out what our governments are doing on our behalf?” Nick Dearden, director of the charity Global Justice Now ... said: “These leaks reinforce the concerns of campaigners about the threat that TISA poses to vital public services. There is no mandate for such a far-reaching programme. It’s a dark day for democracy when we are dependent on leaks like this for the general public to be informed of the radical restructuring of regulatory frameworks that our governments are proposing.”
Note: According to an investigation by The Guardian, it cost about $1,148,971 to "fast-track" the Trans-Pacific Partnership (TPP), another secret trade deal. How much are corrupt corporations paying to corrupt politicians to purchase their favor for TISA?
As part of a PR offensive to rebrand coal as a “21st-century fuel” that can help solve global poverty, it has emerged that at the height of Ebola’s impact in Africa, Peabody Energy promoted its product as an answer to Africa’s devastating public health crisis. Greg Boyce, the chief executive of Peabody, a US-based multinational with mining interests around the world, included a slide on Ebola and energy in a presentation to a coal industry conference in September last year. The slide suggested that more energy would have spurred the distribution of a hypothetical Ebola vaccine. Public health experts who were involved in fighting the spread of Ebola were outraged at Peabody’s suggestion that expanding energy access with coal generation could have hindered the spread of Ebola and helped with the distribution of a vaccine – especially as there is no approved vaccine against the disease. Skip Burkle, a senior fellow of the Harvard Humanitarian Initiative ... said Peabody’s claims were “absolutely ludicrous”. He went on: “The coal industry is going down but there are other answers to this and it is not to dump it in Africa. It is just an insult to the population.” The Ebola claims surfaced amid growing pressure on Peabody Energy from the downturn in coal and a global anti-apartheid style fossil fuel divestment campaign.
The controversial Trans-Pacific Partnership (TPP) is reaching its climax and as Congress hotly debates the biggest trade deal in a generation, its backers have turned on the cash spigot in the hopes of getting it passed. TPP passed another crucial vote ... to give Barack Obama the authority to speed the bill through Congress. The president’s own supporters, senior economists and a host of activists have lobbied against a pact they argue will favor big business but harm US jobs, fail to secure better conditions for workers overseas and undermine free speech. Fast-tracking the TPP, meaning its passage through Congress without having its contents available for debate or amendments, was only possible after lots of corporate money exchanged hands with senators. This chart shows all donations that corporate members of the US Business Coalition for TPP made to US Senate campaigns between January and March 2015, when fast-tracking the TPP was being debated in the Senate. Out of the total $1,148,971 given, an average of $17,676.48 was donated to each of the 65 “yea” votes. The average Republican member received $19,673.28 from corporate TPP supporters. The average Democrat received $9,689.23 from those same donors. Almost 100% of the Republicans in the US Senate voted for fast-track.
Congress is in an intense debate over trade bills that will shape the course of the US economy for decades. Modern “trade” agreements are often less about trade and more about giant multinational corporations finding new ways to rig the economic system to benefit themselves. The president argues that the TPP is about who will “write the rules” for 40 percent of the world’s economy — the United States or China. But who is writing the TPP? The text has been classified and the public isn’t permitted to see it, but 28 trade advisory committees have been intimately involved in the negotiations. Of the 566 committee members, 480, or 85 percent, are senior corporate executives or representatives from industry lobbying groups. Many of the advisory committees are made up entirely of industry representatives. A rigged process leads to a rigged outcome. By definition, massive trade deals like the TPP override domestic laws written, debated, and passed by Congress. Treasury Secretary Jack Lew has testified before Congress that trade negotiations involve “pressure to lower standards” on financial regulations and other public interest laws, and that President Obama has resisted that pressure. But Obama will soon leave office, and he cannot bind a future president. This legislation risks giving a future president a powerful tool to undermine public interest regulations under the guise of promoting commerce.
Note: US senator Elizabeth Warren and US representative Rosa DeLauro wrote the above article, which further clarifies why the Trans-Pacific Partnership may be a pending disaster. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.
The May 20 settlement between the Justice Department and five giant banks reveals the appalling weakness of modern antitrust. The banks had engaged in the biggest price-fixing conspiracy in modern history. It was a "brazen display of collusion" that went on for years, said Attorney General Loretta Lynch. But there will be no trial [and] no executive will go to jail. The fines ... will be treated by the banks as costs of doing business. America used to have antitrust laws that permanently stopped corporations from monopolizing markets. No longer. The result has been higher prices for the many, and higher profits for the few. It's a hidden upward redistribution from the majority of Americans to corporate executives and wealthy shareholders. Similar upward distributions are occurring elsewhere in the economy. The four largest food companies control 82 percent of beef packing, 85 percent of soybean processing, 63 percent of pork packing, and 53 percent of chicken processing. Monsanto alone owns the key genetic traits to more than 90 percent of the soybeans planted by farmers in the United States, and 80 percent of the corn. Big Agribusiness wants to keep it this way. The list goes on, industry after industry, across the economy. Antitrust has been ambushed by the giant companies it was designed to contain. The market is rigged. And unless government unrigs it through bold antitrust action to restore competition, the upward distributions hidden inside the "free market" will become even larger.
Note: The above article was written by former US Secretary of Labor and current professor of public policy at UC Berkeley Robert Reich. For more along these lines, see concise summaries of deeply revealing news articles about the systemically corrupt financial industry and the income inequality that this contributes to.
Fossil fuel companies are benefitting from global subsidies of $5.3tn (Ł3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund. The IMF ... says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments. The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. The biggest single source of air pollution is coal-fired power stations and China, with its large population and heavy reliance on coal power, provides $2.3tn of the annual subsidies. The next biggest fossil fuel subsidies are in the US ($700bn), Russia ($335bn), India ($277bn) and Japan ($157bn), with the European Union collectively allowing $330bn in subsidies to fossil fuels. Subsidy reforms are beginning in dozens of countries including Egypt, Indonesia, Mexico, Morocco and Thailand. In India, subsidies for diesel ended in October 2014. Coal use has also begun to fall in China for the first time this century. Shelagh Whitley, a subsidies expert at the Overseas Development Institute, said: “Our research shows that many of the energy subsidies highlighted by the IMF go toward finding new reserves of oil, gas and coal, which we know must be left in the ground if we are to avoid catastrophic, irreversible climate change.”
Note: The additional cost of suppressing new energy technologies does not appear to have been included in these IMF estimates.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.