Call for Fossil Fuel Subsidies Reform

The International Energy Agency (IEA) and the Organisation for Economic Co-operation and Development (OECD) have jointly released a publication titled “Inventory of estimated budgetary support and tax expenditures for fossil fuels,” which highlights the need to reform fossil-fuel subsidies to improve the economy and environment. This report is the first of its kind, inventorying 24 countries that account for 95% of the OECD’s primary energy supply, of which petroleum made up approximately 54%.