India, China, OPEC to be Biggest Winners from Fossil Fuel Subsidy Removal
OECD analysis issued earlier this year demonstrates that unilateral removal of fossil fuel subsidies will provide the greatest benefit to oil exporting countries, India, China, and Russia.
A previous post has outlined relative subsidies from IEA analysis on a country basis, and commented on some possible greenhouse gas emissions and energy innovation implications.
Analysis demonstrates also very little by way of negative economic outcomes relative to a baseline scenario of multilateral fossil fuel subsidy removals.
The OECD report, the ‘Interim Report on the Green Growth Strategy: Implementing our Commitment for a Sustainable Future” was provided at the OECD Ministerial Council in May. Australia is a signatory to the OECD Green Growth initiative.
The Green Growth Strategy demonstrates also that tax revenue from environmentally-related taxes as a percentage of GDP has actually declined in Australia since 2000, so that now this relative tax income is below the OECD average.