Fossil Fuel Subsidy SWAPs

IISD’s Global Subsidies Initiative presented at a side event on June 18 at the C20 Summit, a gathering that facilitated exchanges among civil society from G20 countries on the upcoming G20 Summit agenda and beyond.

On Thursday, 11 May 2017, the event, ‘Scaling Up Green Energy Finance: Swapping Fossil Fuel Subsidies for Sustainable Energy Solutions, was presented by the IISD Global Subsidies Initiative (GSI), the Government of Denmark, the Nordic Council of Ministers (NCM) and the Friends of Fossil Fuel Subsidy Reform (FFFSR) in Bonn.

A new report from the Nordic Council of Ministers finds that redirecting fossil fuel subsidies toward the clean energy transition could help climate vulnerable countries reap major savings while slashing greenhouse gas emissions.

Removal of consumer subsidies can lead to carbon emission reductions (6 to 8 per cent by 2050 globally), Reductions that can be improved further with a switch or a "SWAP" towards sustainable energy. This report describes the scale and impact of fossil fuel subsidies on sustainable development. It describes the SWAP concept to switch savings made from fossil fuel subsidy reform, towards sustainable energy, energy efficiency and safety nets. The report provides potential SWAP outlines for Bangladesh, Indonesia, Morocco and Zambia. "Making the Switch" was written for the Nordic Council Ministers by the Global Subsidies Initiative of IISD and Gaia Consulting.

The nuclear power industry in the United States has relied on government intervention and support for over fifty years, raising critical questions. Is this the best use of public funds to promote sustainable energy production?