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Smart Tax for Climate Fix

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Posted by eve on August 27, 2008, 7:54 am
 
GOVERNMENTS TOLD TO END FOSSIL FUEL SUBSIDIES

Smart tax breaks, financial incentives and better market mechanisms
would benefit both the environment and economy, according to a UN
study report released to delegates at the climate meeting of
governments in Ghana.

The report said governments should use the smart approach and
abolishing subsidies on fossil fuels that would cut world greenhouse
gas emissions and spur economic growth.

Energy subsidies involving mostly fossil fuels totaled about $00
billion a year or 0.7 percent of world gross domestic product.

"Many fossil fuel subsidies are introduced for political reasons but
are simply propping up and perpetuating inefficiencies in the global
economy," Achim Steiner, head of the Nairobi-based U.N. Environment
Programme told the climate gathering.

Biggest energy subsidies were in Russia where $0 billion a year was
spent to make natural gas cheaper.

Iran spends $7 billion on fuel subsides and China, Saudi Arabia,
India, Indonesia, Ukraine and Egypt spent more on subsidies than on
health care.

Liquefied petroleum gas (LPG) subsidies in India totaled $.7 billion
in the first half of 2008.

Energy subsidies were standing in the way of more environmentally
friendly technologies," Kaveh Zahedi, UN climate change coordinator,
told Daily Planet Media.

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