A statement by dizzy deep of the https://onaquietday.org blog.
Urgent action on climate is needed. To achieve this we must end fossil fuel subsidies. Fossil fuels are subsidised to the high heavens by governments worldwide. Without these subsidies, fossil fuels will stay in the ground.
Regardless of whether COP28 does this, it should be our priority as activists to end fossil fuel subsidies as soon as we are able to. Be aware that we’re dealing with slippery, oily characters. We need to make certain that all fossil fuel subsidies are ended, that no hidden ones persist.
2/12/2023 later
G7 nations pledge to end fossil fuel subsidies by 2025
IMF Fossil Fuel Subsidies Data: 2023 Update
IMF Fossil Fuel Subsidies Data: 2023 Update
Author/Editor:
Simon Black ; Antung A. Liu ; Ian W.H. Parry ; Nate Vernon
Publication Date:
August 24, 2023
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Summary:
This paper provides a comprehensive global, regional, and country-level update of: (i) efficient fossil fuel prices to reflect supply and environmental costs; and (ii) subsidies implied by charging below efficient fuel prices. Globally, fossil fuel subsidies were $7 trillion in 2022 or 7.1 percent of GDP. Explicit subsidies (undercharging for supply costs) have more than doubled since 2020 but are still only 18 percent of the total subsidy, while nearly 60 percent is due to undercharging for global warming and local air pollution. Differences between efficient prices and retail fuel prices are large and pervasive, for example, 80 percent of global coal consumption was priced at below half of its efficient level in 2022. Full fossil fuel price reform would reduce global carbon dioxide emissions to an estimated 43 percent below baseline levels in 2030 (in line with keeping global warming to 1.5-2oC), while raising revenues worth 3.6 percent of global GDP and preventing 1.6 million local air pollution deaths per year. Accompanying spreadsheets provide detailed results for 170 countries.
Series: Working Paper No. 2023/169
Subject: Energy subsidies Environment Expenditure Fuel prices Greenhouse gas emissions Non-renewable resources Prices
Frequency: regular
English
Publication Date: August 24, 2023
ISBN/ISSN: 9798400249006/1018-5941
Stock No: WPIEA2023169
Format: Paper
Pages: 32