The elimination of fossil-fuel subsidies would make a significant contribution to this shared objective.

By keeping prices artificially low, fossil-fuel subsidies encourage wasteful consumption, disadvantage renewable energy, and depress investment in energy efficiency. Fossil-fuel subsidy reform also has both economic and environmental benefits, thereby supporting our shared global commitment to sustainable development. 

There is now an urgent need to convert these high-level commitments into practical action. This should be informed by the following three interrelated principles:

• Communication and Transparency about the merits of subsidy policies and reform timetables, including through engagement and communications with the general public and civil society stakeholders to ensure a smooth, inclusive, bottom-up approach to reform;
• Ambition in the scope and timeframe for implementing reforms; and
• Targeted support to ensure reforms are implemented in a manner that safeguards the poorest. 

This Communiqué  invites all countries, companies and civil society organizations to join us in supporting accelerated action to eliminate inefficient fossil-fuel subsidies in an ambitious and transparent manner as part of a major contribution to climate change mitigation.