China spends $3 billion, while the United Kingdom is one of the few G20 countries increasing fossil
fuel subsidies and cutting back on investment in renewable energy.
Saudi Arabia now follows the UAE and Bahrain in this initiative, which had both previously announced plans to cut
fuel subsidies.
Less than 10 per cent of the value of the
fuel subsidies flows to those with the least income.
Removing consumer
fuel subsidies amid collapsing oil prices could prove wrong-way bet for many nations
As the depletion of fossil fuel resources becomes an ever more realistic possibility, pragmatic discussions need to take place to address the economic costs of sustainable energy, facilitate the elimination of fossil
fuel subsidies, and implement a global strategy moving forward from 2015.
Yemen spends on
fuel subsidies more than it spends on education and health care services together", said Wael Zakout, director of WB office in Yemen.
According to the Peace and National Partnership Agreement, an economic committee would be formed to review the issue of
fuel subsidies within two months of the formation of the new government.
Other GCC states are also considering major cuts in
fuel subsidies.
Oil Change International's Director Stephen Kretzmann says: "Five years ago, G20 governments pledged to both phase out fossil
fuel subsidies and take action to limit climate change.
Proper study Sultan Ali Ahmed Al Busaidi, managing director of the United National Oilfield Services (UNOS), said that he supports the reduction in
fuel subsidies provided that the positive and negative aspects of it are thoroughly studied.
Both Egypt and Yemen have suffered four years of protracted political conflict and economic stagnation and
fuel subsidies account for more than 20 per cent of government spending in both countries.
TEHRAN (FNA)- Yemen's government offered to resign within a month and to review an unpopular decision to cut
fuel subsidies in an attempt to bring an end to massive protests by the Houthi movement.
