Cut Fossil-Fuel subsidies to benefit both rich & poor – Ngozi Okonjo Iweala writes
Article written by former Minister of Finance, Ngozi Okonjo-Iweala for Financial Times. The prop on petrol prices was hurting the national budget. Globally, government support for fossil-fuel subsidies will amount to almost $650bn this year. The cost of these subsidies far outweighs the benefits and burdens the middle classes. Reforming the system can make energy infrastructure more efficient, shore up public finances and allow more targeted spending on public services. The idea is not a new one. In 2009, the G20 countries and the Asia-Pacific Economic Cooperation for
by