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Global Fossil Fuel Subsidies UPSC NOTE

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  Fossil Fuel Subsidies and Their Impact Fossil fuel subsidies make it harder to transition to low-carbon energy sources by reducing the sh...

 Fossil Fuel Subsidies and Their Impact

  • Fossil fuel subsidies make it harder to transition to low-carbon energy sources by reducing the short-term incentives to switch.

  • These subsidies can be explicit (government payments to make fossil fuels cheaper) or implicit (societal costs like air pollution and climate change).

  • Global explicit subsidies for fossil fuels were around $1.5 trillion in 2022, with 80% going to consumers.

Types of Explicit Subsidies

  • Production Subsidies: Payments to fossil fuel producers to lower extraction and refining costs.

  • Consumption Subsidies: Payments to consumers to make fossil fuels cheaper at the point of purchase.

  • In 2022, the price of gas rose sharply, leading to increased consumption subsidies to support households.

Global Variations in Subsidies

  • Major fossil fuel producers like Saudi Arabia and Turkmenistan give large subsidies, over $500 per person.

  • Some regions, like South Asia and Africa, provide much smaller subsidies (often under $20 per person).

  • In India, fossil fuel subsidies dropped from $9 per person in 2015 to $3 in 2021.

Implicit Subsidies and Their Effects

  • Implicit subsidies, including societal costs like pollution and climate change, make up 77% of the $7 trillion total subsidy figure.

  • These hidden costs include local air pollution (30%), climate change impacts (30%), and road use effects (17%).

  • Reducing subsidies could involve policies like carbon taxes, congestion pricing, or removing direct producer/consumer support.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Global Fossil Fuel Subsidies UPSC NOTE
Global Fossil Fuel Subsidies UPSC NOTE
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