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UNEP Report Urges Global Energy Subsidy Reform, Including Cutting Fossil Fuel Subsidies; Reductions in GHG Emissions and Increase in Global GDP

Posted on August 27, 2008

Economic value of energy subsidies in Non-OECD countries, 2005. Click to enlarge. Source: IEA World Energy Outlook 2006.Globally, approximately US$300 billion 0.7% of global GDP is spent annually on energy subsidies. The bulk of this is being used to artificially lower or reduce the real price of fuels like oil, coal and gas or electricity generated from such fossil fuels.A new report Reforming Energy Subsidies: Opportunities to Contribute to the Climate Change Agenda by the UN Environment Programme (UNEP) calls for the elimination of these environmentally harmful subsidies and major r...

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