Fossil-Fuel Subsidies and Climate Change

Every year governments spend $543 billion subsidising fossil-fuels. This report finds that removing these subsidies could lead to global GHG emissions reductions of between 6-13% by 2050. With potential domestic savings to government of between 5-30% of expenditures, and in the context of the low oil price many governments are removing subsidies. This report shows how to include national emissions reduction estimates within country contributions towards the UNFCCC using the Global Subsidies Initiative – Integrated Fiscal (GSI-IF) model.