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Subsidies for the consumption of fossil fuels were estimated at US$550 billion in 2013, according to the International Energy Agency.

This report by IISD and the Nordic Council of Ministers modeled the impact of removing fossil fuel subsidies in 20 countries between 2015 and 2020. The results show that this alone would reduce national emissions, against business as usual, by an average of 11 per cent. By taking 30 per cent of subsidy savings, and investing in renewable energy and energy efficiency, national emissions are reduced further to an average of 18 per cent by 2020. The report also includes case studies of reform in the Philippines, Morocco and Jordan.