"On Tether to Fossil Fuels, Nations Speak With Money"

"As representatives of nearly 200 countries gathered in Paris to discuss ways of reducing emissions from fossil fuels, many pointed to what they consider a simple and obvious way to change behavior: Stop widespread subsidies that encourage the use of fossil fuels.

Industrialized nations agreed to start phasing the subsidies out after an agreement at the Group of 20 summit meeting of the world’s largest economies in 2009, and some progress has been made. The International Energy Agency said its $490 billion estimate for worldwide fossil fuel subsidies in 2014 would have been $610 billion if not for changes since that agreement.

But calls for greater cuts continue. The energy agency issued a statement last month identifying the elimination of subsidies as one of the most effective strategies for reducing greenhouse gas emissions. The subsidies are “public enemy No. 1 in terms of sustainable development,” said Fatih Birol, executive director of the agency."

John Schwartz reports for the New York Times December 5, 2015.

SEE ALSO:

"Counting the Cost of Energy Subsidies" (International Monetary Fund)