Global economy

Shanghai smog

IMF: ‘True cost’ of fossil fuels is $5.3 trillion a year

Environment

Fossil fuels generate profits in modern economies in part because the costs of their environmental and health damage are not included in their price. As a move rises to divest from fossil fuels, a new report shows we’re significantly underestimating the true cost of fossil fuel use worldwide.

US Senate Majority Leader Harry Reid gathers with other Democratic Party senate members and Washington DC Mayor Vincent Gray (L) on the steps of the US Capitol.

The political chaos in Washington is creating jitters overseas

Protester kneels before Greek flag at protest in Athens

Greece defaults on its IMF loan — here’s what its finance minister fears may come next