1887

The financial crisis and fiscal consolidation in green budgets

image of The financial crisis and fiscal consolidation in green budgets

This project adds insight into the potential contribution to fiscal consolidation from environmental tax and subsidy reforms, i.e. strengthening public budgets while at the same time improving economic efficiency and the environment. The report contributes with own calculations for potential revenues from environmental taxes and discusses the financial crisis and environmental tax policy responses in Iceland, Estonia and Ireland as case studies. The analysis has been carried out during the period July 2012 – December 2012 by Vista Analysis AS, Norway, Reykjavik University, Iceland and PRAXIS Center for Policy Studies, Estonia. The project was commissioned by the Nordic Council of Ministers.

English

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Revenues from removals of subsidies to energy

In this chapter we discuss the extent of budgetary subsidies to energy consumption and production, and in particular to fossil fuels. This is the dominating form of the identified and estimated environmental harmful subsidies around the world. We also discuss the potential revenue saved from reducing budgetary fossil fuel subsidies to zero.

English

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