Raising NDC ambition to reach climate action goals: Fossil fuel subsidies, energy pricing and swaps (IISD)

This panel discussion focused on best practices on fossil fuel subsidy reform and pricing based on country experience. Experts presented results on GHG emission reduction from energy modelling research from over 20 countries and considered possible fiscal scenarios to achieve climate action goals. Particular attention was given to fossil fuel subsidy phase-out, appropriate taxation level for fossil fuels, and how savings from FFS reforms can be reinvested into renewables and energy efficiency for a low-carbon energy swap. Moreover, countries and organizations working to create an enabling environment for a low-carbon energy economy to meet Paris Agreement goals had a chance to share their experience.