OECD Urges Removing Fossil Fuel Subsidies to Boost Growth & Revenues, Reduce Greenhouse Gas Emissions

kristy Reforming Global Finance, Resource Efficiency

$500 Billion in Fossil Fuel Subsidies; Removing Them Would Boost Growth & Revenues, Reduce Greenhouse Gas Emissions: OECD
November 17, 2011 By Andrew Burger Leave a Comment

Photo courtesy of OECD, IEA
Removing fossil fuel subsidies would boost economic growth and make energy markets much more efficient, not to mention all the good that would result in terms of reducing greenhouse gas emissions, according to a study and policy report from the Organization for Economic Cooperation and Development (OECD). Doing so would also give a big boost to financially strapped governments at a time when many are in dire, or near dire, need of improving their finances.

In order to realize this aim, the OECD has published a groundbreaking report based on International Energy Agency (IEA) data that for the first time provides detailed information on more than 250 fossil fuel subsidy mechanisms. Entitled, “Inventory of Estimated Budgetary Support and Tax Expenditures for Fossil Fuels,” the publication will be update regularly and expanded over time to cover additional countries and subsidy mechanisms.

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