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International Monetary Fund

and craft a resilient energy economy dominated by renewables such as solar and wind power. The pathway to success is narrow, but the IEA report makes it clear that it is achievable. Decisive climate action now will put the global economy on a stronger and more sustainable footing over the long run. FD Growing Commitments Source : United Nations. Note : Country borders do not necessarily reflect the official position of the IMF. NDC = nationally determined contribution. ART: SHOWYOURSTRIPES.INFO, PROFESSOR ED HAWKINS (UNIVERSITY OF READING) ANDREW

Mr. David Coady, Ian W.H. Parry, Louis Sears, and Baoping Shang

levels of taxes, countries should take advantage of the low international energy prices and gradually move toward efficient energy pricing. Appendix 1. Existing Estimates of Energy Subsidies This appendix summarizes the existing literature on global energy subsidies. The International Energy Agency (IEA) reports its estimate of global energy subsidies in its annual World Energy Outlook . This estimate is based on the price-gap approach, which compares the end-user prices with reference prices. The reference prices consist of supply cost inclusive of

Mr. David Coady, Ian W.H. Parry, Louis Sears, and Baoping Shang
This paper provides a comprehensive, updated picture of energy subsidies at the global and regional levels. It focuses on the broad notion of post-tax energy subsidies, which arise when consumer prices are below supply costs plus a tax to reflect environmental damage and an additional tax applied to all consumption goods to raise government revenues. Post-tax energy subsidies are dramatically higher than previously estimated, and are projected to remain high. These subsidies primarily reflect under-pricing from a domestic (rather than global) perspective, so even unilateral price reform is in countries’ own interests. The potential fiscal, environmental and welfare impacts of energy subsidy reform are substantial.