Governments around the world will subsidise the cost of oil, gas and coal to the tune of $5.3tn this year, fuelling pollution and climate change as they misallocate the equivalent of what is spent globally on public health, according to a new study. The estimate published on Monday by economists at the International Monetary Fund represents their calculation of the gap between what businesses and consumers pay for energy and the “true cost” if environmental and health effects are factored in.