According to the new OECD Inventory of Support Measures for Fossil Fuels 2015, global support to fossil fuels (including measures that reduce prices for consumers, as well as those that lower exploration and exploitation costs for oil and gas companies) dipped in 2014 but remained very high, at US$160bn, from around US$190bn in 2013.
Support in OECD economies remains significant at more than US$60bn and exceeded US$100bn in 6 key emerging G20 economies (Brazil, China, India, Indonesia, Russia and South Africa). Around 2/3 of measures listed by the OECD were introduced before 2000 in a very different economic and environmental context. Low crude oil prices on international markets appear as a unique opportunity for governments to phase out support for the consumption and production of fossil fuels, which are contributing to greenhouse gas (GHG) emissions and climate change.
Source: OECD
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