The WB thinks we still have fossil fuel subsidies. Wait, do we? Fishing vessel diesel, maybe. What else?
Dateline 2015-04-13, World Green:
Emerging and developing economies in East Asia should use the drop in oil prices to curb fossil fuel subsidies as part of a programme that would help reduce national debts and tackle climate change, the World Bank has said.
In a new report on the region today, The World Bank warned fuel prices in Indonesia and Malaysia remain abnormally low, despite some recent efforts to curb fuel subsidies and increase taxes.
The International Energy Agency estimates that $550bn is spent on fossil fuel subsidies a year, which lower the cost of oil, coal and gas production and are blamed for undermining investment in low carbon forms of energy generation, such as renewable energy, and more efficient vehicles. The subsidies can take the form of a price cap at the pump or tax breaks for domestic oil producers, with the price difference made up by national governments.