The fossil fuel industry benefits from subsidies of $11m every minute, according to analysis by the International Monetary Fund. The IMF found the production and burning of coal, oil and gas was subsidised by $5.9tn in 2020, with not a single country pricing all its fuels sufficiently to reflect their full supply and environmental costs.
More than two thousand leading scientists and academics have called on world leaders to commit to a new fossil fuel ‘non-proliferation treaty’, committing to urgently phase out the use of coal, gas and oil in response to the emerging threats posed by climate change.
The European Commission recently proposed an EU-wide minimum tax rate for polluting aviation fuels such as kerosene to reduce CO2 emissions by 55% by 2030.
G-20 Member Countries Support Fossil Fuels at Levels Untenable to Achieve Paris Agreement Goals (BloombergNEF, Bloomberg Philanthropies)
BloombergNEF and Bloomberg Philanthropies report reveals G-20 member countries have given more than $3.3 trillion in subsidies for coal, oil, gas, and fossil-fuel power from 2015-2019.
Update on Recent Progress in Reform of Inefficient Fossil-Fuel Subsidies that Encourage Wasteful Consumption 2021 (OECD, IEA)
This report informs on latest trends in 2020 data on support for fossil fuels and offers good practices and lessons learned emerging from country experiences, as reflected in the growing body of G20 peer reviews.
Política Fiscal y Cambio Climático: Experiencias Recientes de los Ministerios de Finanzas de América Latina y el Caribe (IDB)
Finance and planning ministries play a central role in promoting fiscal policies that generate more and better jobs with the transition to green economies. Adequate fiscal planning would help the decarbonization of the region’s economies create 15 million net new jobs by 2030.
The COVID-19 pandemic has exposed the many fragilities of our economies, and deepened existing inequalities, while highlighting the need for resilience, innovation, and cooperation in our societies. The immediate priority
Special Series on Fiscal Policies to Respond to COVID-19 – Fiscal Policy Responses to the Sharp Decline in Oil Prices (IMF)
Oil prices have declined sharply as a result of both global demand contraction and supply increase. The urgent priority for oil exporters is to deploy existing financial buffers, reprioritize spending,
Fossil fuels subsidies impede sustainable development, drain national budgets and divert resources from other priorities such as health and education. In addition, they undermine public health and social welfare, driving