This New Climate Economy working paper examines energy subsidies, related to the production and consumption of fossil fuels (oil, gas and coal), and outlines opportunities and processes to support their reform. This paper was written as input to the 2015 report of the Global Commission on the Economy and Climate, Seizing the Global Opportunity: Partnerships for Better Growth and a Better Climate and reinforces the recommendations of the Commission to introduce or strengthen carbon pricing by 2020, and phase out fossil fuel subsidies.