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Over the past decade, many attempts and efforts have been made to reduce fossil fuel consumption subsidies, which were almost halved between 2012 and 2016 from a whopping $5 trillion in 2012, but new data from the International Energy Agency shows that these subsidies quietly rose
in 2017.
The International Energy Agency (IEA) on Monday released a new commentary based on data
from the upcoming World Energy Outlook 2018 report on November 13.
Specifically, after almost halving between 2012 and 2016, estimates of global fossil fuel consumption subsidies increased by 12% in 2017 to more than $300 billion
.
According to the International Energy Agency, the largest share of the increase is due to rising oil prices, "which increase the estimated value
of subsidies if artificially low end-user prices remain unchanged.
" ”
The IEA explains that such subsidies are intended to lower the price of fossil fuels or fossil-fuel-based electricity to the end consumer, "often as a way
to pursue social policies that include energy access.
" And, beyond the indignation of justice, sometimes such subsidies are not only justified but necessary, such as when governments seek to provide cheaper energy to the poorest and most vulnerable
.
Of course, it would be preferable if these subsidies were directed at investments in renewable energy technologies
.
”
The bigger reality, however, is that many fossil fuel consumption subsidies are poorly targeted and ultimately "disproportionately benefit
more from the use of subsidized fuels among wealthier populations.
" As a result, these "untargeted subsidies encourage wasteful consumption and strain emissions and government budgets
.
" "The phasing out of global fossil fuel subsidies is therefore only the next step
in sound energy policy.
"
Over the past decade, many attempts and efforts have been made to reduce fossil fuel consumption subsidies, which were almost halved between 2012 and 2016 from a whopping $5 trillion in 2012, but new data from the International Energy Agency shows that these subsidies quietly rose
in 2017.
The International Energy Agency (IEA) on Monday released a new commentary based on data
from the upcoming World Energy Outlook 2018 report on November 13.
Specifically, after almost halving between 2012 and 2016, estimates of global fossil fuel consumption subsidies increased by 12% in 2017 to more than $300 billion
.
According to the International Energy Agency, the largest share of the increase is due to rising oil prices, "which increase the estimated value
of subsidies if artificially low end-user prices remain unchanged.
" ”
The IEA explains that such subsidies are intended to lower the price of fossil fuels or fossil-fuel-based electricity to the end consumer, "often as a way
to pursue social policies that include energy access.
" And, beyond the indignation of justice, sometimes such subsidies are not only justified but necessary, such as when governments seek to provide cheaper energy to the poorest and most vulnerable
.
Of course, it would be preferable if these subsidies were directed at investments in renewable energy technologies
.
”
The bigger reality, however, is that many fossil fuel consumption subsidies are poorly targeted and ultimately "disproportionately benefit
more from the use of subsidized fuels among wealthier populations.
" As a result, these "untargeted subsidies encourage wasteful consumption and strain emissions and government budgets
.
" "The phasing out of global fossil fuel subsidies is therefore only the next step
in sound energy policy.
"
