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Video | Christine Lagarde on Getting Energy Prices Right: From Principle to Practice
Previous IMF studies set forth the basic principle that getting energy prices right means setting taxes at a level that reflects health and environmental costs. A new, path-breaking study waspresented by Managing Director Christine Lagarde shows what this would mean in practical terms for 150 developed and developing countries across the four most widely used fossil fuels: coal, natural gas, diesel and gasoline. The new study finds that fossil fuels are widely and substantially underpriced, and that correcting these market failures in a manner that balances environmental benefits with economic costs offers large health, environmental and fiscal benefits.