Reforming global fossil fuel subsidies: How the United States can restart international cooperation

Globally, governments spend more than $500 billion on subsidies for fossil fuels that contribute to inefficiency, inequity, and negative externalities. Despite this obvious problem, efforts at reforming fossil fuel subsidies across the world have been piecemeal. If countries are to achieve the decarbonization goals of the Paris Agreement on climate change, they need to urgently address these subsidies as part of the transition away from fossil fuels.