Fossil Fuel Subsidy Reform Since the Pittsburgh G20: A Lost Decade?

摘要: At the Pittsburgh G20 in 2009, representatives agreed on an ambitious agenda, namely, to “phase out and rationalize over the medium term inefficient fossil fuel subsidies.” G20 leaders reaffirmed their commitment at subsequent summits. A decade after the initial pledge, some G20 member states have achieved substantial progress on subsidy reforms. But significant barriers prevent the full phasing out of subsidies and rationalization of energy prices across the G20 (Figure 1).In 2018, eight member states maintained $207 billion in fossil fuel subsidies, International Energy Agency (IEA) data show. Costs ranged from a low of 0.3% of GDP in China to nearly 6% of GDP in Saudi Arabia, where, despite two cycles of price hikes, 60% of the cost of energy products and services continued to be borne by the state.