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IMF says taking swift action to achieve a 25 per cent cut in greenhouse gases by end of the decade will cost less than failing to act.

The International Monetary Fund said in a report released ahead of the annual meeting of the IMF and the World Bank next week and blamed it on the Ukraine war and the souring US-China ties.

Subsidies for large oil companies. joining me now is a democratic senator, benjamin carton. >> during the time they testified, did they say anything to have you change or re-think your position? >> not at all. in fact it was clear when you do the math that this subsidies that the taxpayers are giving the big oil companies are not needed. they use it to buy back stock. they don't use it to explore for more energy. it's clear that these tax provisions were never intended for the oil industry. it was started with trying to help export activity and manufacturing activity in the united states which...

Intended for the oil industry and use that to help balance our budget. >> is there an element to having this a dog and pony show? everybody, as you correctly say, is so angry about gas prices. was it easy to bring the oil executives up there and put them on trial in front of the country? >> what we try to do is what is right and fair. i don't think the oil industry had a defense that they did not get the tax breaks. they tried to say we were picking on them, and they were trying to divert attention. we did not hear one explanation as to why the tax breaks should be continued. there was not a p...