The “Fossil Fuel Subsidy Reform and Investments in Clean and Affordable Energy” side event took place on 26 May 2015 at the Hotel Fiesta Americana, Merida, Mexico, immediately prior to the Sixth Clean Energy Ministerial. The event was presented by the Government of Denmark and the Global Subsidies Initiative, and hosted by the US Department of Energy and Government of Denmark.
Scott Vaughan, President, International Institute of Sustainable Development, moderated the event. Ernest Moniz, Secretary of Energy, US, underscored his country’s commitment to fossil fuel subsidy removal and the imperative of freeing up resources to invest in a clean technology future.
Acknowledging significant global progress on subsidy removal, Rasmus Helveg Petersen, Minister for Climate, Energy, and Building, Denmark, observed that more than 50 countries have committed to phasing out fossil fuel subsidies. He noted the enormity of the task, called for sharing best practices and taking advantage of current low oil prices to reinforce efforts ahead of the 21st Conference of the Parties (COP 21) of the UN Framework Convention on Climate Change Conference (UNFCCC) in December.
Maria van der Hoeven, Executive Director, International Energy Agency, provided an overview of global fossil fuel trends. She noted that in 2014, fossil fuel subsidies exceeded US$500 billion: four times the subsidies for renewable energy. She said high energy prices between 2008 and mid-2014 had been the key driver for reform but that current lower prices may reduce the budgetary urgency for governments to take action. More »
IISD Reporting Services, through its ENB+ Meeting Coverage, provided web coverage and a briefing note from the side event on “Fossil Fuel Subsidy Reform and Investments in Clean and Affordable Energy”. Our briefing note is available at: HTML or PDF format.