21 June 2019

We can cut GHG emissions with fossil fuel subsidy reform – new study released at Bonn Climate Sessions

The Global Subsidies Initiative along with the Friends of Fossil Fuel Subsidy Reform (FFSR) and the German Ministry of the Environment, Nature Conservation and Nuclear Safety (BMU) launched a new report on greenhouse gas mitigation opportunities from fossil fuel subsidy reform at Bonn Climate Sessions. The research modelled the possible impacts by 2025 of policy changes across 26 countries. GSI–IISD found that removing subsidies to fossil fuels could reduce emissions by an average of 6 per cent across the countries modelled. The reform—combined with 10 per cent energy tax from 2025 until 2030 and investing 30 per cent of the savings into clean energy—could reduce average emissions by up to an additional 13.2 per cent by 2030.

Read full article here

The Friends group was formed in June 2010 to support G20 and APEC leaders’ commitments to phase out inefficient fossil fuel subsidies. The Friends encourage the G20 and APEC to implement their initiative as soon as possible, with maximum ambition and transparency.

Friends of Fossil Fuel Subsidy Reform are

  • Costa Rica
  • Denmark
  • Ethiopia
  • Finland
  • New Zealand
  • Norway
  • Sweden
  • Switzerland
  • Uruguay