Recent years have witnessed active reform of fossil fuel subsidies at the national level with more than 40 countries capitalising on the opportunity presented by low oil prices. At the same time, G7, G20 and APEC economies have maintained and built on commitments to phase out and undertake peer reviews of fossil fuel subsidies. And yet, in 2015 it was estimated that government subsidies to fossil fuels stood at around USD 425 billion (USD 325 billion consumption subsidies and USD 100 billion to production subsidies).
New Zealand will lead a Friends of Fossil Fuel Subsidy Reform Ministerial level event as part of the TSDS. The objective of the event will be to share information amongst participants on fossil fuel subsidies and trade and to promote an open discussion on the issue and following questions:
• What are the links between fossil fuel subsidies and trade?
• How do fossil fuel subsidies hold us back from trade in sustainable energy?
• How have countries delivered and benefitted from reform without harming trade?
• How have countries increased transparency on fossil fuel subsidies at the national and international level?
• What are the options for action on subsidies within the WTO and to encourage reform?
The event will also see the launch of a Ministerial Statement calling for an intensified discussion in the WTO on inefficient fossil fuel subsidies.
Watch this session on YouTube
