A comprehensive assessment of global fossil-fuel subsidies has found that governments are spending $500 billion annually on policies that undermine energy security and worsen the environment.
The study, titled “The Politics of Fossil-Fuel Subsidies” by David Victor, a professor of political science with UC San Diego’s School of International Relations and Pacific Studies (IR/PS), was one of five released April 22 by the Global Subsidies Initiative (GSI) of the International Institute for Sustainable Development (IISD). GSI’s goal is to reform, reduce and ultimately eliminate fossil-fuel subsidies, which are highest in Iran, Russia, China, Saudi Arabia, India and Venezuela.
The reform effort received a boost September 2009 when President Obama and other world leaders met in Pittsburgh, Pa., for the Group of 20 Summit. They agreed in a non-binding resolution to phase out fossil-fuel subsidies, but the measure didn’t attempt to resolve difficult political issues such as how governments would actually achieve a phaseout.
Victor’s study addresses the political challenges. The U.S. was one of the governments pressing for subsidy reform at the G20 Summit in September 2009. Such policy reforms are a relatively easy way to improve energy security for all nations and reduce growth in emissions of gases that cause global warming. Continue Reading →
