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Subsidies at 16 Times Carbon Prices Stymie Pollution Curbs

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Subsidies for fossil fuels are overwhelming efforts to curb pollution, the International Energy Agency said.

Tax-breaks, subsidized fuel prices and other government support amount to an incentive to pollute worth $115 per metric ton of carbon-dioxide, the agency said Monday in its Energy and Climate Change report. That compares with an average $7 cost to buy emission permits in carbon markets, according to the Paris-based group.