Fossil fuel to clean energy subsidy swaps: how to pay for an energy revolution

This report presents the case for a "subsidy swap"—reallocating some of the savings from fossil fuel subsidy reform to fund the clean energy transition. Fossil fuel to clean energy subsidy swaps are already taking place. Globally, fossil fuel subsidies have fallen and global investments in renewable energy have exceeded investments in fossil fuels since 2008. Renewable global installed capacity additions have exceeded fossil fuel generation since 2014. The report shares examples of four countries—India, Indonesia, Zambia and Morocco—that have already been taking concrete action and leading the way by implementing fossil fuel to clean energy swaps. Sharing these experiences is a key tool to show how swaps can be a feasible option for other countries.