ENERGY SECURITY AND CLIMATE IMPLICATIONS OF U.S. FOSSIL FUEL SUBSIDIESHelene NaegeleDIW Berlin
As a first step, policymakers could follow Canada’s example by defining what inefficient fossil-fuel subsidies are and requiring new government programs to avoid them. Most carbon pricing programs are weak green incentives A growing number of G-20 members have multiple carbon taxes...
along with the European Union’s Green Deal and its eighthEnvironment Action Program, fossil fuel subsidies remain entrenched. According to the European Environment Agency, annual subsidies in the EU hoveredaround €56 billion(US$61 billion)
“Scrapping fossil fuel subsidies to make millions of already poor people even poorer is not the way to go,” said Yvo de Boer, the ex-secretary of the UNFCCC and current climate advisor for the KPMG group. “The way to go is to price energy properly in terms of the pollution tha...
Scrapping fossil fuel subsidies would be the first step towards sustainability in both environmental and budgetary terms, and allow for the development of an energy mix that reflects the true costs of energy production, writes ADB’s Shikha Jha. ...
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Biden will also direct federal agencies to "eliminate fossil fuel subsidies as consistent with applicable law," according to a White House fact sheet. It was not clear which subsidies could be stripped away under this order, given many of the industry's tax breaks are congressionally approved....
Major nations seem to be reducing fossil fuel subsidies but still have "ample scope" for deeper cuts in recent support of up to $200 billion (about €178 billion) a year, the Organisation for Economic Cooperation and Development (OECD) said on Monday.
Interestingly, it was a piece on theHuffington Post, by actor, director and environmental activist Robert Redford, that gave the #EndFossilFuelSubsidies trend its biggest surge (Stop Public Handouts to Oil, Gas and Coal Companies, Now).
The report points to the G20’s 2009 commitment to “phase out and rationalise, over the medium term, inefficient fossil fuel subsidies”, which it reaffirmed last year. “I think we can safely say we are now in that ‘medium term’ and it’s clear the G20 has failed to deliver, in...