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Find an overview of the current status of fossil fuel subsidies as well as an analysis of how the US$423 billion spent on fossil fuel subsidies could be repurposed for social good, to eradicate extreme poverty, provide a temporary basic income, and vaccinate the world.
This note performs a series of arithmetic comparisons of the estimated global amount of pre-tax fossil-fuel subsidies (FFSs) distributed per year to o er an understanding of what they cost across the developing world. These comparisons illustrate hypothetical alternative uses only, regardless of where the FFSs operate, and they do not suggest any speci c policy recommendation or address any political and distributive challenges caused by removing or repurposing FFSs in any country. A rst exercise focuses on what is often termed ‘poverty eradica- tion’, which consists of lifting the current incomes of the poor population up to at least the value of the corresponding poverty line. A second exercise looks at how much of basic economic security to protect the livelihoods of the less advantaged groups during the COVID-19 crisis FFSs could pay, for how many people and for how long. Finally, a third exercise compares the amount of FFSs with that required to inoculate the global population against COVID-19.
Read the publication online here or download the report below ⬇️
Read the one-page summary here.
The briefs and working papers in the UNDP Development Future Series are penned by UNDP staff from around the world sharing evidence and insights that are grounded in deep study, data and practice.