A key challenge facing many resource-rich low- and middle-income economies is how to mobilize and effectively use volatile revenues from resource extraction, while addressing the social and environmental externalities of mining activities, such as groundwater contamination, acid mine drainage, and methane leaks from oil and gas operations. Green fiscal policies have the potential to raise revenue from the extractives sector while addressing its negative impacts.
As governments design stimulus measures for economies hit by the Covid-19 crisis, they should seize the opportunity of historically low oil prices to redirect some of the half a trillion
According to this article, a temporary tax hike on gasoline and diesel is one of the fairest, greenest ways to fund post-pandemic economic stimulus packages. To read the full article,
Fossil fuel companies receive US$ 5 trillion in subsidies annually, equivalent to over 6% of global GDP. The International Monetary Fund (IMF), which calculated the size of the subsidies, explained
The World Economic Forum launches the “Great Reset” initiative for a better world after the pandemic. The IMF backs the transition to a green economy and calls for an end
As oil-exporting countries struggle to respond to the crisis, there is a way to make critical fiscal resources available. To read the full article, refer to the Prospect website.
Generous government subsidies around the world are, even now, enabling the extraction and burning of fossil fuels that would otherwise remain in the ground. A global technocratic elite that claims
How financially sustainable is an industry if it is distorted by $5 trillion in annual subsidies? That’s the challenge laid out by United Nations Secretary General Antonio Guterres, who is
This article examines the possibilities to end fossil-fuel subsidies as global oil prices have decreased substantially. To read the full article, refer to the Electrek website.
Many developing countries have long maintained fuel subsidies because they are politically impossible to abandon, owing to the sticker shock that the public encounters at the pump as soon as
Efforts to contain the COVID-19 virus and support those directly impacted are of utmost importance. Around the world, governments are taking unprecedented actions to limit the spread of the virus—adopting
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