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Scrapping fossil fuel subsidies could slash carbon emissions across an economy by around 11 per cent, according to a major new study from the International Institute for Sustainable Development (IISD) and the Nordic Council of Ministers, which argues policymakers can no longer ignore the economic savings on offer from drastic fossil fuel subsidy reform.The report, which was released late last week and is titled Tackling Fossil Fuel Subsidies and Climate Change: Levelling the energy playing field, analysed fossil fuel subsidies across 20 major economies with relatively high levels of financial support for fossil fuel industries, including the US, China, India, Russia, and Saudi Arabia.

It concluded phasing out fossil fuel subsidies between now and 2020 would cut carbon emissions by an average of 11 per cent for each economy. It added that taking 30 per cent of the financial savings realised by ending subsidies and re-investing it in low carbon…