We can cut GHG emissions with fossil fuel subsidy reform – new study released at Bonn Climate Sessions
Bonn Climate sessions, SB50 June 16 to June 21 – The Global Subsidies Initiative along with the Friends of Fossil Fuel Subsidy Reform (FFSR) and the German Ministry of the Environment, Nature Conservation and Nuclear Safety (BMU) launched a new report on greenhouse gas mitigation opportunities from fossil fuel subsidy reform. The research modelled the possible impacts by 2025 of policy changes across 26 countries. GSI–IISD found that removing subsidies to fossil fuels could reduce emissions by an average of 6 per cent across the countries modelled. The reform—combined with 10 per cent energy tax from 2025 until 2030 and investing 30 per cent of the savings into clean energy—could reduce average emissions by up to an additional 13.2 per cent by 2030.
GSI participated in three side events to raise the issue and share the results with delegates at the United Nations Framework Convention on Climate Change (UNFCCC) who are in the process of submitting second-generation nationally determined contributions (NDCs) in 2020.
On Thursday, June 19, GSI–IISD and the FFSR had an official side event with BMU/GIZ to help present the findings from the modelling work, which was attended by around 70 participants. Kay Harrison of New Zealand spoke and chaired, while Kai Schlegelmilch presented of Germany. Jacques Ducrest of Switzerland offered a Swiss perspective, Outi Honkatukia of Finland presented on transparency and reviews. The results from GSI were presented by Andrea Bassi and Laura Merrill. A live recording of this event is available here. A private dinner was held to share the findings with delegates directly.
More events focused on fossil fuel subsidy reform included a specific event on Monday June 17 focused on Latin America: Lourdes Sanchez presented on Mexico, alongside FARN (Enrique Konstantinidis on Argentina) and Iara Pietricovsky, from INSEC (on Brazil). The event focused on specific subsidies and reform efforts in these countries and a full live recording is available here. GSI was also able to present findings from four years of work on gender and fossil fuel subsidy reform, across Bangladesh, India and Nigeria, in a poster exhibition hosted by the UNFCCC and conference during the Bonn sessions.
The published results from the report Raising Ambition through Fossil Fuel Subsidy Reform is available for download here. Country briefs are available on request.