The combined impact of fossil fuel subsidy reform (FFSR) and an increase in gasoline and diesel fuel taxation could do three things: save and raise money for governments; reduce emissions; and provide upfront and ongoing domestic resources to fund sustainable development and the sustainable energy transition. Currently consumer and producer fossil fuel subsidies stand at around USD 425 billion annually, and although consumer subsidies have decreased due to a combination of lower oil prices and active reforms, it is also estimated that overall effective gasoline taxation has actually reduced by 13.3% from 2003-2015. However, through a combination of fossil fuel subsidy reforms and increases in fuel taxation, CO2 emissions could be reduced by 23% globally and raise much needed revenue to governments (2.6% of GDP). For example, India and Indonesia both saved around USD 15 billion each in 2015 from FFSR. Almost 70 countries included either FFSR or fuel taxation in their NDC, many more countries might consider including these fiscal policy instruments in the future. A Talanoa dialogue on fossil fuel subsidy reform and fossil fuel taxation would enable the sharing of stories between countries who have made the link between these fiscal instruments of fossil fuel subsidy reform and fossil fuel taxation, and the implementation of improved government revenues, delivering the Paris Agreement and the Sustainable Development Goals.