GRFA calls for end to fossil fuel subsidies

In Canada, the Global Renewable Fuels Alliance has called upon national leaders to take advantage of the low price and abundant stockpiles of crude oil to eliminate fossil fuel subsidies. Baker pointed to the latest figures from the International Energy Agency that estimated global fossil fuel subsidies to be worth $490 billion, and outlined how global oil demand is forecast to drop by 25 percent in 2016 to 1.2mb/d.

Over the past year, almost 30 countries have reduced their fossil fuel subsidy programs. These changes have been made in recognition of the fact that the current low price of oil reduces the impact of eliminating consumer fossil fuel subsidies, and that their removal results in lower domestic national emissions of greenhouse gases.