Baker Institute team says fossil fuel subsidies need global reform
Green Car Congress
OCTOBER 23, 2020
In 2018, eight member states maintained $207 billion in fossil fuel subsidies, International Energy Agency (IEA) data show. Costs ranged from a low of 0.3% of GDP in China to nearly 6% of GDP in Saudi Arabia, where, despite two cycles of price hikes, 60% of the cost of energy products and services continued to be borne by the state.
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