New Zealand’s Ministry of Foreign Affairs and Trade launched a video on the “cheapest thing the world could do to reduce climate-change emissions” – phasing out fossil fuel subsidies. David Parket, Minister for Trade and Export Growth and Vangelis Vitalis, the Deputy Secretary of Trade and Economic Group explore, in particular, the role of trade and its formalized rules through the World Trade Organization in bringing about fossil fuel subsidy reform. In addition, the two discuss the vast opportunities of investment in health, education and other social services that arise when subsidy-locked parts of the government budget are freed up. To view the full video, follow the link.
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