Scrap fossil fuel subsidies now and bring in carbon tax, says World Bank chief

clock •

Jim Yong Kim calls for five-point plan to deliver low-carbon growth, including removal of incentives to exploit oil, gas and coal

Poor countries are feeling "the boot of climate change on their neck", the president of the World Bank has said, as he called for a carbon tax and the immediate scrapping of subsidies for fossil fuels...

To continue reading this article...

Join BusinessGreen

In just a few clicks you can start your free BusinessGreen Lite membership for 12 months, providing you access to:

  • Three complimentary articles per month covering the latest real-time news, analysis, and opinion from Europe’s leading source of information on the Green economy and business
  • Receive important and breaking news stories via our daily news alert
  • Our weekly newsletter with the best of the week’s green business news and analysis

Join now

 

Already a BusinessGreen member?

Login

More on Policy

In defence of heat pump grants

In defence of heat pump grants

Government insiders are briefing they want to cut heat pump grants that disproportionately go to wealthier households, but there is a strong case for a universal roll out of a technology that cuts emissions and enhances energy security

James Murray
clock 13 October 2026 • 6 min read
'Remarkably short-sighted': Government reportedly preparing cuts to heat pump budget

'Remarkably short-sighted': Government reportedly preparing cuts to heat pump budget

Reports suggest government is considering cuts to heat pump, CCS, and hydrogen schemes, and could confirm watering down of Zero Emission Vehicle Mandate

James Murray
clock 12 October 2026 • 9 min read
Global Briefing: South Korea unveils $750bn clean energy transition plan

Global Briefing: South Korea unveils $750bn clean energy transition plan

Plus: New Zealand's emissions hit record high; EU critical materials projects; and Google's PPA with Constellation Energy, in our round of the top green business news from around the world this week

James Murray
clock 09 October 2026 • 7 min read