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Impact on GHG emissions of phasing ouy fossil fuel subsidies, 2050.
---- Reforming fossil fuels support ---- Reforming environmentally harmful subsidies, and specifically fossil fuel subsidies, is an important step in “getting the prices right” to reduce GHG emis... sions. An inventory of 24 OECD countries finds that fossil fuel production and use was supported by USD 45-75 billion per year between 2005 and 2010 (OECD, 2011f). Fossil fuel consumption subsidies in 37 developing and emerging economies amounted to an estimated USD 554 billion in 2008, USD 300 billion in 2009 and USD 409 billion in 2010 (IEA/OECD/OPEC/WB, 2010; IEA, 2011b and see Annex 3.A1 at the end of this chapter). Removing these subsidies would lower the global cost of stabilising GHG concentrations, saving money for governments and taxpayers. It helps to shift the economy away from activities that emit CO2, encourages energy efficiency, and promotes the development and diffusion of low-carbon technologies and renewable energy sources. OECD Outlook simulations using IEA data (2008 estimates) indicate that phasing-out fossil fuel consumption subsidies in emerging and developing countries could reduce global GHG emissions (excluding land-use change emissions) by 6% globally by 2050, compared with business as usual, and by over 20% in Russia and MENA countries (Figure 3.26). As subsidies artificially reduce the price paid by final consumers, removing this price-wedge would influence behaviour and reduce final energy demand. This could increase global real income by 0.3% in 2050, and would be especially beneficial for the BRIICS countries (+1.1% for the Rest of BRIICS category).
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