Peterson Institute for International Economics (PIIE) – A Global and Country Update of Fossil Fuel Subsidies
The event will begin with a presentation by Vítor Gaspar, director of the IMF’s Fiscal Affairs Department. Ian Parry, one of the report’s lead authors, will then outline the paper’s findings. Globally, fossil fuel subsidies were worth $5.9 trillion in 2020 or about 6.8 percent of GDP, with 86 percent reflecting undercharging for environmental costs. Efficient fuel pricing in 2025 that reflects these costs would reduce global carbon dioxide emissions 36 percent below baseline levels, while raising revenues worth 3.8 percent of global GDP and preventing 0.9 million deaths caused by air pollution.
A Q&A and discussion with the audience moderated by PIIE Nonresident Senior Fellow Jean Pisani-Ferry will follow.
SPEAKERS
Vítor Gaspar, Director of the Fiscal Affairs Department, IMF
Ian Parry, Principal Environmental Fiscal Policy Expert, Fiscal Affairs Department, IMF
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