Reforming the USD 372 billion countries spend each year on fossil fuel subsidies and reallocating between 10 and 30 per cent of the savings to renewable projects would pay for a transition to clean energy. This is the finding of a new study by the Global Subsidies Initiative (GSI) of the International Institute for Sustainable Development (IISD). The report authors highlight that the “subsidy swap” concept could not only make the clean energy revolution possible but also save taxpayers’ money for other priorities. if as little as 10% of that money was invested in wind, solar and other renewables, countries could see a nearly 20% drop in carbon dioxide pollution.
— source iisd.org | Jun 18, 2019