Tracking fossil fuel subsidies in APEC economies (IEA)

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In November 2015, the leaders of Asia-Pacific Economic Co-operation (APEC) economies, reaffirmed their 2009 commitment to “rationalize and phase out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption”. In an effort to provide guidance for APEC economies to implement subsidy reform, this IEA report provides an updated status of fossil fuel subsidies in APEC economies, tracking major recent subsidy reforms made in APEC economies, estimating the value of fossil fuel subsidies in the region and identifying further challenge remain to subsidy reform. The report also presents a Subsidy Reform Case, which assumes complete removal of fossil fuel subsidies in APEC by 2025, to assess the impact of subsidy reform on regional energy demand and CO2 emissions. The report is available to download on the IEA’s website.