Eliminate All Fossil Fuel Subsidies, Says Org

The International Institute for Sustainable Development (IISD), a Canada-based research group, is calling for world leaders to band together to phase out fossil fuel subsidies.

1 minute read

August 24, 2011, 10:00 AM PDT

By Tim Halbur


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."

Wednesday, August 24, 2011 in AutoBlogGreen

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