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Still Not Getting Energy Prices Right A Global And Country Update Of Fossil Fuel Subsidies
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Book Synopsis Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies by : Ian Parry
Download or read book Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies written by Ian Parry and published by International Monetary Fund. This book was released on 2021-09-24 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive global, regional, and country-level update of: (i) efficient fossil fuel prices to reflect their full private and social costs; and (ii) subsidies implied by mispricing fuels. The methodology improves over previous IMF analyses through more sophisticated estimation of costs and impacts of reform. Globally, fossil fuel subsidies were $5.9 trillion in 2020 or about 6.8 percent of GDP, and are expected to rise to 7.4 percent of GDP in 2025. Just 8 percent of the 2020 subsidy reflects undercharging for supply costs (explicit subsidies) and 92 percent for undercharging for environmental costs and foregone consumption taxes (implicit subsidies). Efficient fuel pricing in 2025 would reduce global carbon dioxide emissions 36 percent below baseline levels, which is in line with keeping global warming to 1.5 degrees, while raising revenues worth 3.8 percent of global GDP and preventing 0.9 million local air pollution deaths. Accompanying spreadsheets provide detailed results for 191 countries.
Book Synopsis Global Fossil Fuel Subsidies Remain Large: An Update Based on Country-Level Estimates by : Mr.David Coady
Download or read book Global Fossil Fuel Subsidies Remain Large: An Update Based on Country-Level Estimates written by Mr.David Coady and published by International Monetary Fund. This book was released on 2019-05-02 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates estimates of fossil fuel subsidies, defined as fuel consumption times the gap between existing and efficient prices (i.e., prices warranted by supply costs, environmental costs, and revenue considerations), for 191 countries. Globally, subsidies remained large at $4.7 trillion (6.3 percent of global GDP) in 2015 and are projected at $5.2 trillion (6.5 percent of GDP) in 2017. The largest subsidizers in 2015 were China ($1.4 trillion), United States ($649 billion), Russia ($551 billion), European Union ($289 billion), and India ($209 billion). About three quarters of global subsidies are due to domestic factors—energy pricing reform thus remains largely in countries’ own national interest—while coal and petroleum together account for 85 percent of global subsidies. Efficient fossil fuel pricing in 2015 would have lowered global carbon emissions by 28 percent and fossil fuel air pollution deaths by 46 percent, and increased government revenue by 3.8 percent of GDP.
Book Synopsis Energy Subsidy Reform by : Mr.Benedict J. Clements
Download or read book Energy Subsidy Reform written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2013-09-13 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy subsidies are aimed at protecting consumers, however, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. This book provides the most comprehensive estimates of energy subsidies currently available for 176 countries and an analysis of “how to do” energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions.
Book Synopsis IMF Fossil Fuel Subsidies Data: 2023 Update by : Mr. Simon Black
Download or read book IMF Fossil Fuel Subsidies Data: 2023 Update written by Mr. Simon Black and published by International Monetary Fund. This book was released on 2023-08-24 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive global, regional, and country-level update of: (i) efficient fossil fuel prices to reflect supply and environmental costs; and (ii) subsidies implied by charging below efficient fuel prices. Globally, fossil fuel subsidies were $7 trillion in 2022 or 7.1 percent of GDP. Explicit subsidies (undercharging for supply costs) have more than doubled since 2020 but are still only 18 percent of the total subsidy, while nearly 60 percent is due to undercharging for global warming and local air pollution. Differences between efficient prices and retail fuel prices are large and pervasive, for example, 80 percent of global coal consumption was priced at below half of its efficient level in 2022. Full fossil fuel price reform would reduce global carbon dioxide emissions to an estimated 43 percent below baseline levels in 2030 (in line with keeping global warming to 1.5-2oC), while raising revenues worth 3.6 percent of global GDP and preventing 1.6 million local air pollution deaths per year. Accompanying spreadsheets provide detailed results for 170 countries.
Book Synopsis How Large Are Global Energy Subsidies? by : David Coady
Download or read book How Large Are Global Energy Subsidies? written by David Coady and published by International Monetary Fund. This book was released on 2015-05-15 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive, updated picture of energy subsidies at the global and regional levels. It focuses on the broad notion of post-tax energy subsidies, which arise when consumer prices are below supply costs plus a tax to reflect environmental damage and an additional tax applied to all consumption goods to raise government revenues. Post-tax energy subsidies are dramatically higher than previously estimated, and are projected to remain high. These subsidies primarily reflect under-pricing from a domestic (rather than global) perspective, so even unilateral price reform is in countries’ own interests. The potential fiscal, environmental and welfare impacts of energy subsidy reform are substantial.
Book Synopsis Getting Energy Prices Right by : Ian W.H. Parry
Download or read book Getting Energy Prices Right written by Ian W.H. Parry and published by International Monetary Fund. This book was released on 2014-07-22 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy taxes can produce substantial environmental and revenue benefits and are an important component of countries’ fiscal systems. Although the principle that these taxes should reflect global warming, air pollution, road congestion, and other adverse environmental impacts of energy use is well established, there has been little previous work providing guidance on how countries can put this principle into practice. This book develops a practical methodology, and associated tools, to show how the major environmental damages from energy can be quantified for different countries and used to design the efficient set of energy taxes.
Book Synopsis Tackling Fossil Fuel Subsidies and Climate Change by : Merrill, Laura
Download or read book Tackling Fossil Fuel Subsidies and Climate Change written by Merrill, Laura and published by Nordic Council of Ministers. This book was released on 2015-10-21 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report presents research on fossil fuel subsidy reform across 20 countries and reveals an average reduction in national GHG emissions of 11% by 2020 from potential reform, and savings of USD 93 per tonne of CO2. With modest recycling of resources to renewables and energy efficiency, reductions can be improved. Countries are including reforms in contributions towards a climate agreement. Authored by the Global Subsidies Initiative as part of the Nordic Prime Ministers' green growth initiative www.norden.org/greengrowth
Book Synopsis Energy Subsidy Reform in Sub-Saharan Africa by : Mr.Trevor Serge Coleridge Alleyne
Download or read book Energy Subsidy Reform in Sub-Saharan Africa written by Mr.Trevor Serge Coleridge Alleyne and published by International Monetary Fund. This book was released on 2013-08-12 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: The reform of energy subsidies is an important but challenging issue for sub-Saharan African (SSA) countries. There is a relatively large theoretical and empirical literature on this issue. While this paper relies on that literature, too, it tailors its discussion to SSA countries to respond to the following questions: Why it is important to reduce energy subsidies? What are the difficulties involved in energy subsidy reform? How best can a subsidy reform be implemented? This paper uses various sources of information on SSA countries: quantitative assessments, surveys, and individual (but standardized) case studies.
Book Synopsis Subsidy Reform in the Middle East and North Africa by : Mr.Carlo A. Sdralevich
Download or read book Subsidy Reform in the Middle East and North Africa written by Mr.Carlo A. Sdralevich and published by International Monetary Fund. This book was released on 2014-07-09 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.
Book Synopsis Making the Switch by : Merrill, Laura
Download or read book Making the Switch written by Merrill, Laura and published by Nordic Council of Ministers. This book was released on 2017-05-10 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report estimates fossil fuel subsidies to be around USD 425 billion. Such subsidies represent large lost opportunities for governments to invest in renewable energy, energy efficiency and sustainable development. 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.
Book Synopsis Learning from Leaders by : Nordic Council of Ministers
Download or read book Learning from Leaders written by Nordic Council of Ministers and published by Nordic Council of Ministers. This book was released on with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Swapping Fossil Fuel Subsidies for Sustainable Energy by : Richard Bridle
Download or read book Swapping Fossil Fuel Subsidies for Sustainable Energy written by Richard Bridle and published by Nordic Council of Ministers. This book was released on 2018-12-07 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Underpricing of fossil fuels, caused by subsidies, drives carbon intensive consumption. Reforming fossil fuel subsidies and allocating some of the savings to sustainable energy could accelerate a transition to fairer, safer, cleaner and more sustainable energy systems. This report outlines the Nordic Council of Ministers’ work to promote these swaps through the development of a business model and description of the link between fossil fuel subsidies, reforms and carbon emissions. The report evaluates potential swaps to increase industrial energy efficiency in the mining sector, in the context of energy sector reforms in Zambia; and the replacement of butane subsidies with solar investments in Morocco. The report also presents an outline of how Nordic countries are supporting reforms and driving the swaps agenda as part of Nordic Solutions to Global Challenges.
Book Synopsis World Fossil Fuel Subsidies and Global Carbon Emissions by : Bjorn Larsen
Download or read book World Fossil Fuel Subsidies and Global Carbon Emissions written by Bjorn Larsen and published by . This book was released on 1992 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Removing world energy subsidies - estimated at US$230 billion - could reduce global carbon emissions by 9 percent.
Book Synopsis The Green Paradox by : Hans-Werner Sinn
Download or read book The Green Paradox written by Hans-Werner Sinn and published by MIT Press. This book was released on 2012-02-03 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading economist develops a supply-side approach to fighting climate change that encourages resource owners to leave more of their fossil carbon underground. The Earth is getting warmer. Yet, as Hans-Werner Sinn points out in this provocative book, the dominant policy approach—which aims to curb consumption of fossil energy—has been ineffective. Despite policy makers' efforts to promote alternative energy, impose emission controls on cars, and enforce tough energy-efficiency standards for buildings, the relentlessly rising curve of CO2 output does not show the slightest downward turn. Some proposed solutions are downright harmful: cultivating crops to make biofuels not only contributes to global warming but also uses resources that should be devoted to feeding the world's hungry. In The Green Paradox, Sinn proposes a new, more pragmatic approach based not on regulating the demand for fossil fuels but on controlling the supply. The owners of carbon resources, Sinn explains, are pre-empting future regulation by accelerating the production of fossil energy while they can. This is the “Green Paradox”: expected future reduction in carbon consumption has the effect of accelerating climate change. Sinn suggests a supply-side solution: inducing the owners of carbon resources to leave more of their wealth underground. He proposes the swift introduction of a “Super-Kyoto” system—gathering all consumer countries into a cartel by means of a worldwide, coordinated cap-and-trade system supported by the levying of source taxes on capital income—to spoil the resource owners' appetite for financial assets. Only if we can shift our focus from local demand to worldwide supply policies for reducing carbon emissions, Sinn argues, will we have a chance of staving off climate disaster.
Book Synopsis The Politics of Fossil Fuel Subsidies and Their Reform by : Jakob Skovgaard
Download or read book The Politics of Fossil Fuel Subsidies and Their Reform written by Jakob Skovgaard and published by Cambridge University Press. This book was released on 2018-08-23 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive volume provides the first book-length account on the politics of fossil fuel subsidies. This title is also available as Open Access.
Book Synopsis Southeast Asia and the Economics of Global Climate Stabilization by : David A. Raitzer
Download or read book Southeast Asia and the Economics of Global Climate Stabilization written by David A. Raitzer and published by Asian Development Bank. This book was released on 2015-12-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate change is a global concern of special relevance to Southeast Asia, a region that is both vulnerable to the effects of climate change and a rapidly increasing emitter of greenhouse gases (GHGs). This study focuses on five countries of Southeast Asia that collectively account for 90% of regional GHG emissions in recent years---Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam. It applies two global dynamic economy–energy–environment models under an array of scenarios that reflect potential regimes for regulating global GHG emissions through 2050. The modeling identifies the potential economic costs of climate inaction for the region, how the countries can most efficiently achieve GHG emission mitigation, and the consequences of mitigation, both in terms of benefits and costs. Drawing on the modeling results, the study analyzes climate-related policies and identifies how further action can be taken to ensure low-carbon growth.
Book Synopsis Hidden Costs of Energy by : National Research Council
Download or read book Hidden Costs of Energy written by National Research Council and published by National Academies Press. This book was released on 2010-06-26 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the many benefits of energy, most of which are reflected in energy market prices, the production, distribution, and use of energy causes negative effects. Many of these negative effects are not reflected in energy market prices. When market failures like this occur, there may be a case for government interventions in the form of regulations, taxes, fees, tradable permits, or other instruments that will motivate recognition of these external or hidden costs. The Hidden Costs of Energy defines and evaluates key external costs and benefits that are associated with the production, distribution, and use of energy, but are not reflected in market prices. The damage estimates presented are substantial and reflect damages from air pollution associated with electricity generation, motor vehicle transportation, and heat generation. The book also considers other effects not quantified in dollar amounts, such as damages from climate change, effects of some air pollutants such as mercury, and risks to national security. While not a comprehensive guide to policy, this analysis indicates that major initiatives to further reduce other emissions, improve energy efficiency, or shift to a cleaner electricity generating mix could substantially reduce the damages of external effects. A first step in minimizing the adverse consequences of new energy technologies is to better understand these external effects and damages. The Hidden Costs of Energy will therefore be a vital informational tool for government policy makers, scientists, and economists in even the earliest stages of research and development on energy technologies.
