Low hanging fruit: fossil fuel subsidies, climate finance, and sustainable development

Recent estimates of global fossil fuel subsidies for production and consumption are staggering, putting the total near US$775 billion annually or higher. In a time of economic hardship, dangerous climate change, and growing demand for reliable and cleaner sources of energy, these fossil fuel subsidies are a reckless and irrational use of taxpayer money and government investments. The report recommends four key steps that governments should take in the near term to translate their commitments into concrete action to eliminate fossil fuel subsidies: Define Plans to Phase out Fossil Fuel Subsidies by 2015; Increase Transparency and Consistency in Reporting of Subsidies; Incorporate Assistance and Safeguards to Developing Countries, as ell as Poor and Vulnerable Groups; and Establish or identify an international body to facilitate and support Fossil Fuel Subsidy Reform.