|Title||OECD: Fossil fuel subsidies added up to at least $373bn in 2015|
|Date||2018-03-12 PM 2:36:57||Hit||17|
The new figure harmonises estimates up to 2015 from the Organisation for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA), which largely assess different countries in their estimates of fossil fuel subsidies.
The report shows support in 76 countries dropped significantly in 2015 compared to 2014, when it sat at $551bn. However, the estimates do not cover all fossil fuel subsidies, therefore are likely to still be a substantial underestimate of global fossil fuel subsidies.
The OECD inventory of fossil fuel “support”, released last week alongside the report, also includes new, separate figures for subsidies in 2016 for the 35 OECD countries and eight large developing nations. (The OECD is a collective of market-based economies, first formed in 1960, which aims to be a “forum for governments to work together to share experiences and seek solutions to common problems”.)
The report shows subsidies in these countries was at least $151bn in 2016. Reductions of fossil fuel subsidies in more developed OECD countries have stalled over the past few years, the inventory shows, with most reform instead occurring in developing nations, such as Indonesia and India.
The OECD inventory also shows UK support for fossil fuels was at least $6.5bn in 2016. The UK has been one of only a few OECD countries to introduce new measures benefitting production of fossil fuels in recent years, the report says.
Carbon Brief digs into the global figures for fossil fuel subsidies and looks, in particular, at where the support for fossil fuels in the UK is going.
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