From the IISD's press release:
"A national pledge to phase out fossil-fuel subsidies will free up valuable fiscal resources that can be redirected to fund other sustainable development priorities, provide the opportunity to introduce more targeted measures to support low-income households, reduce greenhouse gas emissions and help incentivize investments in renewable energy."
The report claims that global fossil-fuel consumption subsidies added up to $312 billion in 2009 and $558 billion in 2008.
"Fossil-fuel consumption subsidies distort market prices, creating a gap between the domestically subsidized price and the international market price. This situation has serious fiscal and economic ramifications for the country implementing the subsidies."