Timely seminars and high level events help promote reform. Events are ordered chronologically and include an impressive number of influential speakers from around the world.

The role of Fossil Fuel Subsidy Reform towards achieving Agenda 2030’s sustainable objectives and its impact on trade

The Friends of Fossil Fuel Subsidy Reform is an informal group of non-G20 countries aiming to build political consensus on the importance of fossil fuel subsidy reform. The Friends work internationally within forums such as the G20, APEC, OECD, UNFCCC, Agenda 2030 and the WTO to promote the benefits of reform, and to provide information and tools to facilitate them.

Subsidies for fossil fuels were estimated at USD 425 billion in 2015 and amounted to 20 per cent of the value of internationally traded fuels. A phase-out of fossil-fuel subsidies would generate an estimated 12 percent of the total abatement needed by 2020 from energy sector emissions and holding the increase in global average temperature below 2°C above pre-industrial levels.

This panel will discuss how reforms in this sector could contribute strongly towards achieving SDG goal 12(c) of Agenda 2030 while reducing at the same time significant trade-related distortive effects.

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