Still Not Getting Energy Prices Right A Global And Country Update Of Fossil Fuel Subsidies
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Still Not Getting Energy Prices Right A Global And Country Update Of Fossil Fuel Subsidies
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Author : Ian Parry
language : en
Publisher: International Monetary Fund
Release Date : 2021-09-24
Still Not Getting Energy Prices Right A Global And Country Update Of Fossil Fuel Subsidies written by Ian Parry and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-24 with Business & Economics categories.
This paper provides a comprehensive global, regional, and country-level update of: (i) efficient fossil fuel prices to reflect their full private and social costs; and (ii) subsidies implied by mispricing fuels. The methodology improves over previous IMF analyses through more sophisticated estimation of costs and impacts of reform. Globally, fossil fuel subsidies were $5.9 trillion in 2020 or about 6.8 percent of GDP, and are expected to rise to 7.4 percent of GDP in 2025. Just 8 percent of the 2020 subsidy reflects undercharging for supply costs (explicit subsidies) and 92 percent for undercharging for environmental costs and foregone consumption taxes (implicit subsidies). Efficient fuel pricing in 2025 would reduce global carbon dioxide emissions 36 percent below baseline levels, which is in line with keeping global warming to 1.5 degrees, while raising revenues worth 3.8 percent of global GDP and preventing 0.9 million local air pollution deaths. Accompanying spreadsheets provide detailed results for 191 countries.
Global Fossil Fuel Subsidies Remain Large An Update Based On Country Level Estimates
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Author : Mr.David Coady
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-02
Global Fossil Fuel Subsidies Remain Large An Update Based On Country Level Estimates written by Mr.David Coady and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-02 with Business & Economics categories.
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.
Imf Fossil Fuel Subsidies Data 2023 Update
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Author : Mr. Simon Black
language : en
Publisher: International Monetary Fund
Release Date : 2023-08-24
Imf Fossil Fuel Subsidies Data 2023 Update written by Mr. Simon Black and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-24 with Business & Economics categories.
This paper provides a comprehensive global, regional, and country-level update of: (i) efficient fossil fuel prices to reflect supply and environmental costs; and (ii) subsidies implied by charging below efficient fuel prices. Globally, fossil fuel subsidies were $7 trillion in 2022 or 7.1 percent of GDP. Explicit subsidies (undercharging for supply costs) have more than doubled since 2020 but are still only 18 percent of the total subsidy, while nearly 60 percent is due to undercharging for global warming and local air pollution. Differences between efficient prices and retail fuel prices are large and pervasive, for example, 80 percent of global coal consumption was priced at below half of its efficient level in 2022. Full fossil fuel price reform would reduce global carbon dioxide emissions to an estimated 43 percent below baseline levels in 2030 (in line with keeping global warming to 1.5-2oC), while raising revenues worth 3.6 percent of global GDP and preventing 1.6 million local air pollution deaths per year. Accompanying spreadsheets provide detailed results for 170 countries.
The Economisation Of Climate Change
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Author : Jakob Skovgaard
language : en
Publisher: Cambridge University Press
Release Date : 2021-03-25
The Economisation Of Climate Change written by Jakob Skovgaard and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-25 with Business & Economics categories.
Discusses how G20, IMF and OECD have addressed climate finance and fossil fuel subsidies, including consequences for climate politics.
Energy Subsidy Reform
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Author : Mr. Benedict J. Clements
language : en
Publisher: International Monetary Fund
Release Date : 2013-09-13
Energy Subsidy Reform written by Mr. Benedict J. Clements and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-13 with Business & Economics categories.
Energy subsidies have wide-ranging economic consequences. Although they are aimed at protecting consumers, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. Subsidies also distort resource allocation by encouraging excessive energy consumption, artificially promoting capital-intensive industries, reducing incentives for investment in renewable energy, and accelerating the depletion of natural resources. Most subsidy benefits are captured by higher-income households, reinforcing inequality. Even future generations are affected through the damaging effects of increased energy consumption on global warming. This book provides (1) the most comprehensive estimates of energy subsidies currently available for 176 countries and (2) 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.
Getting Energy Prices Right
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Author : Ian W.H. Parry
language : en
Publisher: International Monetary Fund
Release Date : 2014-07-22
Getting Energy Prices Right written by Ian W.H. Parry and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-22 with Business & Economics categories.
Energy taxes can produce substantial environmental and revenue benefits and are an important component of countries’ fiscal systems. Although the principle that these taxes should reflect global warming, air pollution, road congestion, and other adverse environmental impacts of energy use is well established, there has been little previous work providing guidance on how countries can put this principle into practice. This book develops a practical methodology, and associated tools, to show how the major environmental damages from energy can be quantified for different countries and used to design the efficient set of energy taxes.
The Unequal Benefits Of Fuel Subsidies Revisited
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Author : Mr.David Coady
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-25
The Unequal Benefits Of Fuel Subsidies Revisited written by Mr.David Coady and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-25 with Business & Economics categories.
Understanding who benefits from fuel price subsidies and the welfare impact of increasing fuel prices is key to designing, and gaining public support for, subsidy reform. This paper updates evidence for developing countries on the magnitude of the welfare impact of subsidy reform and its distribution across income groups, incorporating more recent studies and expanding the number of countries. These studies confirm that a very large share of benefits from price subsidies goes to high-income households, further reinforcing existing income inequalities. The results can also help to approximate the welfare impact of subsidy reform for countries where the data necessary for such an analysis is not available.
Tackling Fossil Fuel Subsidies And Climate Change
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Author : Merrill, Laura
language : en
Publisher: Nordic Council of Ministers
Release Date : 2015-10-21
Tackling Fossil Fuel Subsidies And Climate Change written by Merrill, Laura and has been published by Nordic Council of Ministers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-21 with Science categories.
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
The Politics Of Fossil Fuel Subsidies And Their Reform
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Author : Jakob Skovgaard
language : en
Publisher: Cambridge University Press
Release Date : 2018-08-23
The Politics Of Fossil Fuel Subsidies And Their Reform written by Jakob Skovgaard and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-23 with Business & Economics categories.
This comprehensive volume provides the first book-length account on the politics of fossil fuel subsidies. This title is also available as Open Access.
Learning From Leaders
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Author : Nordic Council of Ministers
language : en
Publisher: Nordic Council of Ministers
Release Date :
Learning From Leaders written by Nordic Council of Ministers and has been published by Nordic Council of Ministers this book supported file pdf, txt, epub, kindle and other format this book has been release on with Electronic books categories.