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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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Foreword

Consumer subsidies to fossil fuels amount to USD 550 billion annually, four times more than subsidies to renewables. Globally we are still subsidising fossil fuels causing climate change. Competing interests across governments may lead to governments sticking their heads down and dealing with one policy at a time. Too often fossil fuel subsidy reform is tackled like this by governments. But there is a golden opportunity right now. With the low oil prices governments can regroup across their different Ministries to plan on phasing out fossil fuel subsidies, on levelling the energy playing field so that new, low-carbon, energy players: renewables, energy efficiency, and public transport systems, can compete fairly and squarely against the fossil fuel incumbents.

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