Documents fuel supply 4 results

"This paper provides a comprehensive global, regional, and country-level update of: (i) efficient fossil fuel prices to reflect their full private and social costs; and (ii) subsidies implied by mispricing fuels. The methodology improves over previous IMF analyses through more sophisticated estimation of costs and impacts of reform. Globally, fossil fuel subsidies were $5.9 trillion in 2020 or about 6.8 percent of GDP, and are expected to rise to 7.4 percent of GDP in 2025. Just 8 percent of the 2020 subsidy reflects undercharging for supply costs (explicit subsidies) and 92 percent for undercharging for environmental costs and foregone consumption taxes (implicit subsidies). Efficient fuel pricing in 2025 would reduce global carbon dioxide emissions 36 percent below baseline levels, which is in line with keeping global warming to 1.5 degrees, while raising revenues worth 3.8 percent of global GDP and preventing 0.9 million local air pollution deaths. Accompanying spreadsheets provide detailed results for 191 countries."

"This report highlights the implications of 1.5°C scenarios for the phase-out of fossil fuels and the scale-up to renewables, barriers to transitions and solutions to such challenges, and tools for governments and financial institutions to navigate the current energy crisis while maintaining climate ambition. It also looks at the implications of the war in Ukraine for energy systems and explores whether Europe can meet its gas demand without the Russian supply."

"Just transition has emerged as a master conceptual framework for limiting environmental and socially destructive industrial activity in the climate change era. While it has been widely embraced, its anchoring in the open-ended concept of sustainable development has meant that it has been used to legitimate ongoing future fossil fuel extraction. This article discusses the implications for just transition that arise from the recognition that the timely cessation of fossil fuel extraction is the sine qua non of the realization of the sustainable development goals. It offers a historical explanation for the minimal engagement to date between just transition advocacy and fossil fuel cessation. It then discusses the implications of acknowledging the necessity of fossil fuel cessation in terms of core labour law principles. Finally, the article outlines the implications of explicitly embedding fossil fuel phase down as an objective of just transition for government actors and social partners."