Getting on Target: Accelerating energy access through fossil fuel subsidy reform
How can reforming fossil fuel subsidies accelerate universal energy access (SDG 7)? This paper reviews the financial and practical implications of fossil fuel subsidies for SDG 7.
Sustainable Development Goal (SDG) 7 calls upon the global community to ensure access to affordable, reliable, sustainable and modern energy for all by 2030.
Often people assume that fossil fuel subsidies help the poor by making energy more affordable. In fact, most fossil fuel subsidies are not working well for energy access and poverty goals. The annual fossil fuel subsidy expenditure of USD 425 billion could be better invested by governments towards SDG outcomes. This is already recognized by SDG 12, in which the UN General Assembly’s 193 members included the reform of inefficient fossil fuel subsidies as a means of implementation to achieve more sustainable consumption and production. Subsidy savings could be invested to get on target for many development goals—not least, those on energy access.
This paper reviews the financial implications of fossil fuel subsidies and takes a closer look at how reforming fossil fuel consumption subsidies could interact with energy access goals.
Participating experts
You might also be interested in
Rethinking Investment Treaties
The reports maps out how the treaty system can be redesigned from the bottom up to accelerate—rather than obstruct—genuine sustainable development and international cooperation.
New report: Oil and gas phase-out primer
World leaders agreed to transition away from fossil fuels at COP 28, in a new report IISD experts break down what next steps are needed to put this commitment into action.
What the G7 Ministerial Could Have Delivered on Fossil Fuel Subsidies Reform
The G7 climate, energy, and environment ministers’ meeting in Turin fell short when it came to breaking the 15 years of gridlock on fossil fuel subsidies. Here are three ways the G7 can use their next meetings to demonstrate measurable progress.
G20 Finance Ministerials and World Bank/IMF Spring Meetings: Expert comment
G20 finance ministerials and World Bank/IMF spring meetings will take place this week in Washington. High on the agenda is the need to mobilize trillions of dollars of investment in the transition to clean energy.