In analysis that builds on the IEA’s ongoing work for the G-20, WEO-2010 reveals that fossil-fuel subsidies amounted to $ 312 billion in 2009. “Getting the prices right, by eliminating fossil-fuel subsidies, is the single most effective measure to cut energy demand in countries where they persist, while bringing other immediate economic benefits,” said Mr. Tanaka.
Click here to access the publication, World Energy Outlook 2010.
About IEA
The International Energy Agency (IEA), an autonomous agency, was established in November 1974. Its mandate is two-fold: to promote energy security amongst its member countries through collective response to physical disruptions in oil supply and to advise member countries on sound energy policy. The IEA carries out a comprehensive programme of energy co-operation among 28 advanced economies, each of which is obliged to hold oil stocks equivalent to 90 days of its net imports. For more information, visit www.iea.org.
Source: IEA Press Release dated January 9, 2011.
