UNDP warns global fuel subsidies could surpass $1 trillion 2026
A UNDP report warned that worldwide fuel subsidies could top $1 trillion in 2026.
This huge spike is being pushed by things like the Iran conflict, higher borrowing costs, and wild weather from El Nino.
Governments everywhere are scrambling to keep energy prices from hitting people too hard.
UNDP: Subsidies kept 130 million above $6.85-a-day
According to the United Nations Development Programme, without these subsidies and tax breaks, around 130 million more people would have slipped below the $6.85-a-day poverty line this year alone.
The report also points out that rising energy costs have sparked protests in at least 10 countries recently, including Syria and France, as more nations rush to roll out relief measures.
All these pressures are expected to peak by early 2027, so policymakers have their work cut out for them.