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Underpricing of fossil fuels, caused by subsidies, drives carbon intensive consumption. Reforming fossil fuel subsidies and allocating some of the savings to sustainable energy could accelerate a transition to fairer, safer, cleaner and more sustainable energy systems. This report outlines the Nordic Council of Ministers’ work to promote these swaps through the development of a business model and description of the link between fossil fuel subsidies, reforms and carbon emissions. The report evaluates potential swaps to increase industrial energy efficiency in the mining sector, in the context of energy sector reforms in Zambia; and the replacement of butane subsidies with solar investments in Morocco. The report also presents an outline of how Nordic countries are supporting reforms and driving the swaps agenda as part of Nordic Solutions to Global Challenges.
This report presents research on fossil fuel subsidy reform across 20 countries and reveals an average reduction in national GHG emissions of 11% by 2020 from potential reform, and savings of USD 93 per tonne of CO2. With modest recycling of resources to renewables and energy efficiency, reductions can be improved. Countries are including reforms in contributions towards a climate agreement. Authored by the Global Subsidies Initiative as part of the Nordic Prime Ministers' green growth initiative www.norden.org/greengrowth
A "swap"- reallocating some of the savings from subsidy reform to fund the clean energy transition-could magnify the contributions to long-term, permanent emission reductions, the economy, jobs, public health and gender equality. [...] This report summarizes the International Institute for Sustainable Development's experience of developing and documenting subsidy swaps over several years, sets out the international context of subsidy swaps, and makes the case for policy-makers to include subsidy swaps as part of their fiscal and energy policies. [...] In the case of subsidies to renewables, the correction of a market failure, principally the underpricing of pollution, provides a driver to consider fossil fuel and clean energy subsidies differently. [...] A GSI study of 20 countries with significant fossil fuel subsidies found that phasing out subsidies by 2020 and swapping 30 per cent of the savings from reform into energy efficiency and renewable energy led to increased emissions reductions from 11 to 18 per cent (Merrill, Harris, Casier, & Bassi, 2015), emphasizing the importance of not simply removing the subsidies but also making the swap to c [...] Phasing out fossil fuel subsidies and reallocating some of the savings to accelerate the clean energy transition would have benefits for the economy, the climate and society.
Raising awareness of the actual and potential impacts of energy subsidies and giving guidance to policy-makers on how to design and implement reforms, this title provides methodologies for analysing the impact of subsidies and reviews experiences in a number of countries and regions.
"This report summarises, in a non-technical language, the nature, types and impacts of subsidies on energy that undermine the pursuit of sustainable development. It also offers recommendations to policy makers on how to design and implement subsidies reform in an environmentally, socially and economically sound manner."--Introd.