Fossil fuel subsidies take up a huge chunk of countries’ budgets and the world’s GDP.
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That leaves less money for other social and development objectives. Many developing countries spend far more on fossil fuel subsidies than they do on healthcare.
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Much more money is spent on fossil fuel subsides than on climate finance.
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The huge amount spent on fossil fuel subsidies makes it hard for renewables to compete. For example, if oil wasn’t subsidised in the Middle East – which uses oil-fired electricity at far higher rates than the rest of the world – new plants would be unable to compete with any of the main renewable energy technologies.
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Fossil fuel subsidies discourage consumers from buying energy efficient technologies and stifle innovation.
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Fossil fuel subsidies are defended as benefits primarily for the poor. This is wrong. They benefit the rich more often than the poor in developing countries.
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There is good news too. Removing fossil fuel subsidies, combined with fiscal reforms that show the full cost of fossil fuels, would boost the GDP of all countries.
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This shouldn’t be surprising: removing fossil fuel subsidies would reduce global carbon emissions and help prevent climate change.
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There is growing momentum to phase out fossil fuel subsidies. Many countries started reforms in 2013-2014.
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