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Tackling Fossil Fuel Subsidies and Climate Change

Levelling the energy playing field

image of Tackling Fossil Fuel Subsidies and Climate Change

This report presents research on fossil fuel subsidy reform across 20 countries and reveals an average reduction in national GHG emissions of 11% by 2020 from potential reform, and savings of USD 93 per tonne of CO2. With modest recycling of resources to renewables and energy efficiency, reductions can be improved. Countries are including reforms in contributions towards a climate agreement. Authored by the Global Subsidies Initiative as part of the Nordic Prime Ministers' green growth initiative www.norden.org/greengrowth

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Conclusion

This report finds that the reform of fossil fuel subsidies is a policy tool that governments have at their disposal that will lead to emissions reductions as well as government savings. Modelling across 20 countries finds that early phase-out by 2020 leads to average national emissions reductions of between 6 and 11%. This national country-level research fits with broader models at a global level that find global reductions of between 6 and 10%. Moreover, FFSR is an efficient policy tool for the removal of GHG emissions: for every tonne of GHGe removed, around USD 93 is saved annually. Wider research also points to the case of FFSR as a “foundation” policy on which to build energy efficiency and renewable energy policies.

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