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This comprehensive volume provides the first book-length account on the politics of fossil fuel subsidies. This title is also available as Open Access.
Energy subsidies are aimed at protecting consumers, however, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. This book provides the most comprehensive estimates of energy subsidies currently available for 176 countries and an analysis of “how to do” energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions.
Unsustainable budgetary cost of selling oil, gas, and coal at low prices has propelled energy subsidy reform in developing Asian economies. This report measures the size of associated subsidies on these fossil fuels including direct transfers, tax exemptions, subsidized credit, and losses of state enterprises in India, Indonesia, and Thailand. An analysis of complex interactions between economic, social, energy, and environmental issues shows that the initial rise in energy prices due to a reduction or removal of the subsidies will nudge households and businesses to shift to alternative fuels, make investment in clean energy attractive, increase energy supply, reduce energy shortages, and cut greenhouse gas emissions. Using the money freed up from subsidies to compensate poor households and to increase government budgets will offset the negative effects of the initial price rise, promote sustainable energy use, and help allay the fears of reform.
In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.
This paper updates estimates of fossil fuel subsidies, defined as fuel consumption times the gap between existing and efficient prices (i.e., prices warranted by supply costs, environmental costs, and revenue considerations), for 191 countries. Globally, subsidies remained large at $4.7 trillion (6.3 percent of global GDP) in 2015 and are projected at $5.2 trillion (6.5 percent of GDP) in 2017. The largest subsidizers in 2015 were China ($1.4 trillion), United States ($649 billion), Russia ($551 billion), European Union ($289 billion), and India ($209 billion). About three quarters of global subsidies are due to domestic factors—energy pricing reform thus remains largely in countries’ own national interest—while coal and petroleum together account for 85 percent of global subsidies. Efficient fossil fuel pricing in 2015 would have lowered global carbon emissions by 28 percent and fossil fuel air pollution deaths by 46 percent, and increased government revenue by 3.8 percent of GDP.
This much-needed book provides an empirically-grounded, and theoretically informed account of international law sources, mechanisms, initiatives and institutions which address and affect the practice of subsidising fossil fuel consumption and production. Drawing on recent scholarship on emerging international governance mechanisms, ‘informal’ international law-making and regime interaction, it offers suggestions, and critiques suggestions of others, for how the international law framework could be employed more effectively and appropriately to respond to environmentally and fiscally harmful fossil fuel subsidies.
Climate change is a global concern of special relevance to Southeast Asia, a region that is both vulnerable to the effects of climate change and a rapidly increasing emitter of greenhouse gases (GHGs). This study focuses on five countries of Southeast Asia that collectively account for 90% of regional GHG emissions in recent years---Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam. It applies two global dynamic economy–energy–environment models under an array of scenarios that reflect potential regimes for regulating global GHG emissions through 2050. The modeling identifies the potential economic costs of climate inaction for the region, how the countries can most efficiently achieve GHG emission mitigation, and the consequences of mitigation, both in terms of benefits and costs. Drawing on the modeling results, the study analyzes climate-related policies and identifies how further action can be taken to ensure low-carbon growth.
This report is concerned with policies that directly support the production or consumption of fossil fuels in OECD countries and in a selection of partner economies.
Learning from Fukushima began as a project to respond in a helpful way to the March 2011 triple disaster (earthquake, tsunami, and nuclear meltdown) in north-eastern Japan. It evolved into a collaborative and comprehensive investigation of whether nuclear power was a realistic energy option for East Asia, especially for the 10 member-countries of ASEAN, none of which currently has an operational nuclear power plant. We address all the questions that a country must ask in considering the possibility of nuclear power, including cost of construction, staffing, regulation and liability, decommissioning, disposal of nuclear waste, and the impact on climate change. The authors are physicists, engineers, biologists, a public health physician, and international relations specialists. Each author presents the results of their work.
The precipitous fall in oil prices, continued geopolitical instability and the ongoing global climate negotiations are witness to the dynamic nature of energy markets. In a time of so much uncertainty, understanding the implications of the shifting energy landscape for economic and environmental goals and for energy security is vital. The World Energy Outlook 2015 (WEO-2015) will present updated projections for the evolution of the global energy system to 2040, based on the latest data and market developments, as well as detailed insights on the prospects for fossil fuels, renewables, the power sector and energy efficiency and analysis on trends in CO2 emissions and fossil-fuel and renewable energy subsidies.