Fossil fuel subsidies (USD, billions):
Fossil fuel subsidies with externalities (% of GDP):
G20 finance leaders recognized carbon pricing as a potential tool to address climate change for the first time in an official communique on Saturday, taking a tentative step towards promoting the idea and coordinating carbon reduction policies.
Fossil fuel subsidies persist despite the climate crisis. They distort the energy market by keeping fossil fuel prices artificially low. Removing these subsidies must be accompanied by social programmes that will reduce the impact on the poorest household.
There is growing attention on the concept of carbon border adjustment mechanisms (CBAMs), a hypothetical form of trade restriction intended to deal with “carbon leakage”: the expectation that aggressive mitigation
This report by the World Resources Institute (WRI) provides insights on how incorporating a emissions target mechanism into a strong national carbon tax can help ensure intended emission cuts are
The Next Big Thing in Carbon Markets? RGGI to Implement an Emissions Containment Reserve (Resources)
As the first cap-and-trade program in North America, the Regional Greenhouse Gas Initiative (RGGI) has had an outsized influence on the design of similar programs worldwide. The Initiative is a market-based
Countries in the G20 have committed to phase out ‘inefficient’ fossil fuel subsidies. However, there remains a limited understanding of how subsidy removal would affect fossil fuel investment returns and production,