Santa Marta Pre-Conference | Fossil Fuel Subsidy Reform Session
As part of the Academic Pre-Conference, to the First Conference on Transitioning Away from Fossil Fuels, this session will explore best practices for fossil fuel reform, as well as options to increase accountability and strengthen energy security.
Fossil fuel subsidies are the biggest form of public financial support for fossil fuels, reaching more than USD 921 billion in 2024. These subsidies place enormous pressure on public budgets and are rapidly increasing again as a response to the current energy crisis.
Blanket subsidies are highly inefficient, often providing disproportionate benefits to high-income households while weakening incentives to reduce fossil fuel use. As countries once again face high energy costs, governments should consider alternative support policies— such as direct support for vulnerable households and industry. Targeting support to people not fossil fuels is more financially sustainable, provides assistance to those who need it most, and retains incentives for building national energy mixes that are less dependent on volatile fossil fuel markets.
In Santa Marta, government commitments to reforming fossil fuel subsidies and other incentives can signal national intentions to the energy sector transition in a way that strengthens energy security through diverse, affordable and localized energy mixes. Initiatives like COFFIS – the coalition of countries committed to subsidy reform, offer a platform for peer learning and technical expertise.
This session, the first under the Defunding Fossils, Funding Transition workstream, will explore best practices on fossil fuel subsidy reform, increasing accountability, and how countries can use fossil fuel subsidy reform as strategy for energy security.
Agenda
Panel Discussion
Vance Culbert, Senior Policy Advisor & COFFIS Secretariat Manager, IISD
Paolo Destilo, Climate Justice Campaigner, COFFIS Observatory
Amra van den Hoven, COFFIS Chair, Ministry of Climate and Green Growth, Netherlands
Jaime de Bourbon de Parme, Director of Environment Directorate, OECD
Paula Osorio, Associate, Energy Diplomacy, Transforma
Best Practices on Reform Policies Workshop
Moderator: Vance Culbert, Senior Policy Advisor & COFFIS Secretariat Manager, IISD
Increasing Fossil Fuel Subsidy Reform Accountability Workshop
Moderator: Bronwen Tucker, Global Public Finance Campaign Co-Manager, Oil Change International
Strengthening Energy Security through Fossil Fuel Subsidy Reform Workshop
Moderator: Lahra Liberti, Head of Unit, Natural Resources for Development, OECD
Summary Session
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