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.