Global Fossil Fuel Subsidies Remain Large An Update Based On Country Level Estimates
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| Author | : Mr.David Coady |
| Publisher | : International Monetary Fund |
| Total Pages | : 39 |
| Release | : 2019-05-02 |
| Genre | : Business & Economics |
| ISBN | : 1484393171 |
This paper updates estimates of fossil fuel subsidies, defined as fuel consumption times the gap between existing and efficient prices (i.e., prices warranted by supply costs, environmental costs, and revenue considerations), for 191 countries. Globally, subsidies remained large at $4.7 trillion (6.3 percent of global GDP) in 2015 and are projected at $5.2 trillion (6.5 percent of GDP) in 2017. The largest subsidizers in 2015 were China ($1.4 trillion), United States ($649 billion), Russia ($551 billion), European Union ($289 billion), and India ($209 billion). About three quarters of global subsidies are due to domestic factors—energy pricing reform thus remains largely in countries’ own national interest—while coal and petroleum together account for 85 percent of global subsidies. Efficient fossil fuel pricing in 2015 would have lowered global carbon emissions by 28 percent and fossil fuel air pollution deaths by 46 percent, and increased government revenue by 3.8 percent of GDP.
| Author | : Ian Parry |
| Publisher | : International Monetary Fund |
| Total Pages | : 42 |
| Release | : 2021-09-24 |
| Genre | : Business & Economics |
| ISBN | : 1513595407 |
This paper provides a comprehensive global, regional, and country-level update of: (i) efficient fossil fuel prices to reflect their full private and social costs; and (ii) subsidies implied by mispricing fuels. The methodology improves over previous IMF analyses through more sophisticated estimation of costs and impacts of reform. Globally, fossil fuel subsidies were $5.9 trillion in 2020 or about 6.8 percent of GDP, and are expected to rise to 7.4 percent of GDP in 2025. Just 8 percent of the 2020 subsidy reflects undercharging for supply costs (explicit subsidies) and 92 percent for undercharging for environmental costs and foregone consumption taxes (implicit subsidies). Efficient fuel pricing in 2025 would reduce global carbon dioxide emissions 36 percent below baseline levels, which is in line with keeping global warming to 1.5 degrees, while raising revenues worth 3.8 percent of global GDP and preventing 0.9 million local air pollution deaths. Accompanying spreadsheets provide detailed results for 191 countries.
| Author | : Mr. Simon Black |
| Publisher | : International Monetary Fund |
| Total Pages | : 32 |
| Release | : 2023-08-24 |
| Genre | : Business & Economics |
| ISBN | : |
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.
| Author | : Mr.Benedict J. Clements |
| Publisher | : International Monetary Fund |
| Total Pages | : 390 |
| Release | : 2013-09-13 |
| Genre | : Business & Economics |
| ISBN | : 1484339169 |
Energy subsidies are aimed at protecting consumers, however, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. This book provides the most comprehensive estimates of energy subsidies currently available for 176 countries and an analysis of “how to do” energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions.
| Author | : Vernon JC Rive |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 320 |
| Release | : 2019 |
| Genre | : |
| ISBN | : 1785360892 |
This much-needed book provides an empirically-grounded, and theoretically informed account of international law sources, mechanisms, initiatives and institutions which address and affect the practice of subsidising fossil fuel consumption and production. Drawing on recent scholarship on emerging international governance mechanisms, ‘informal’ international law-making and regime interaction, it offers suggestions, and critiques suggestions of others, for how the international law framework could be employed more effectively and appropriately to respond to environmentally and fiscally harmful fossil fuel subsidies.
| Author | : Jakob Skovgaard |
| Publisher | : Cambridge University Press |
| Total Pages | : 349 |
| Release | : 2018-08-23 |
| Genre | : Business & Economics |
| ISBN | : 1108416799 |
This comprehensive volume provides the first book-length account on the politics of fossil fuel subsidies. This title is also available as Open Access.
| Author | : Jakob Skovgaard |
| Publisher | : Cambridge University Press |
| Total Pages | : |
| Release | : 2021-01-21 |
| Genre | : Political Science |
| ISBN | : 1108605168 |
The effort to address climate change cuts across a wide range of non-environmental actors and policy areas, including international economic institutions such as the Group of Twenty (G20), International Monetary Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD). These institutions do not tend to address climate change so much as an environmental issue, but as an economic one, a dynamic referred to as 'economisation'. Such economisation can have profound consequences for how environmental problems are addressed. This book explores how the G20, IMF, and OECD have addressed climate finance and fossil fuel subsidies, what factors have shaped their specific approaches, and the consequences of this economisation of climate change. Focusing on the international level, it is a valuable resource for graduate students, researchers, and policymakers in the fields of politics, political economy and environmental policy.
| Author | : Harro van Asselt |
| Publisher | : Cambridge University Press |
| Total Pages | : |
| Release | : 2018-08-31 |
| Genre | : Political Science |
| ISBN | : 110826607X |
Fossil fuel subsidies strain public budgets, and contribute to climate change and local air pollution. Despite widespread agreement among experts about the benefits of reforming fossil fuel subsidies, repeated international commitments to eliminate them, and valiant efforts by some countries to reform them, they continue to persist. This book helps explain this conundrum, by exploring the politics of fossil fuel subsidies and their reform. Bringing together scholars and practitioners, the book offers new case studies both from countries that have undertaken subsidy reform, and those that have yet to do so. It explores the roles of various intergovernmental and non-governmental institutions in promoting fossil fuel subsidy reform at the international level, as well as conceptual aspects of fossil fuel subsidies. This is essential reading for researchers and practitioners, and students of political science, international relations, law, public policy, and environmental studies. This title is also available as Open Access.
| Author | : Bjorn Larsen |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 1994 |
| Genre | : Carbon |
| ISBN | : |
World subsidies of fossil fuels are estimated at more than $210 billion. Removing such subsidies would reduce global carbon emissions by 7 percent.
| Author | : Mr.David Coady |
| Publisher | : International Monetary Fund |
| Total Pages | : 42 |
| Release | : 2015-05-18 |
| Genre | : Business & Economics |
| ISBN | : 1513532197 |
This paper provides a comprehensive, updated picture of energy subsidies at the global and regional levels. It focuses on the broad notion of post-tax energy subsidies, which arise when consumer prices are below supply costs plus a tax to reflect environmental damage and an additional tax applied to all consumption goods to raise government revenues. Post-tax energy subsidies are dramatically higher than previously estimated, and are projected to remain high. These subsidies primarily reflect under-pricing from a domestic (rather than global) perspective, so even unilateral price reform is in countries’ own interests. The potential fiscal, environmental and welfare impacts of energy subsidy reform are substantial.
