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> Just 8 percent of the 2020 subsidy reflects undercharging for supply costs (explicit subsidies)

So $400b. Still a lot.

The majority of the subsidies are implicit, in the form of negative externalities that are not priced in.

But I really should locate a more recent version of this report...

In 2024 they found $725bn in explicit subsides, plus $6.7tn in implicit subsidies.