26 August 2008: The UN Environment Programme’s (UNEP) Division of Technology, Industry and Economics (DTIE) has released a booklet that seeks to raise awareness of energy subsidies and their impact.

While acknowledging the benefits of some forms of energy subsidies, the publication highlights the negative results that have been linked to some energy subsidies, including increased consumption and waste, burdened governments, and reduced investments in renewable energy. The report calls for action to facilitate energy subsidy reform. The report says that cancelling the US$300 billion that is spent annually on energy subsidies could reduce greenhouse gas emissions by up to 6% annually, and could free up funds to be better spent on pro-poor policies. [The report]