Reforming fossil‐fuel subsidies to reduce waste and limit CO2 emissions while protecting the poor

Asia-Pacific Economic Cooperation (APEC) economies are estimated to have spent at least US$105 billion subsidizing fossil-fuel consumption in 2010. This estimate excludes consumption subsidies in developed members of APEC and subsidies for fossil-fuel production in all economies, which the GSI estimates could be worth more than US$100 billion per year worldwide. The purpose of this report is to provide an analytical framework to assist governments identify, measure and evaluate their support measures, with a view to implementing their commitment to phase out inefficient fossil-fuel subsidies that encourage wasteful consumption.