WTO Members Hold First Meeting on Fossil Fuel Subsidy Revisions Post MC12

World Trade Organization members held the first meeting on fossil fuel subsidy revisions following the launch of the Fossil Fuel Subsidy Reform initiative at the 12th Ministerial Conference, the WTO said. The meeting saw members looking for ways to increase transparency and hit long-term sustainability objectives relating to phasing out fossil fuel subsidies. The initiative has 47 co-sponsors and members plan to hold at least three meetings ahead of MC13.

The co-sponsors are Albania, Chile, Costa Rica, the EU and its 27 member states, Fiji, Iceland, Liechtenstein, Moldova, Montenegro, New Zealand, North Macedonia, Norway, Panama, Paraguay, Samoa, Switzerland, Tonga, the U.K., Uruguay and Vanuatu.

“We are mindful of the current context and looming energy crisis,” said Ambassador Clare Kelly of New Zealand, initiative coordinator. “We recognise the difficult months ahead but cannot lose sight of our shared objectives and ambition in the longer term. Rising fossil fuel prices have served to reinforce the need to accelerate the transition away from fossil fuels toward clean, green energy systems." Many members explored ways to boost transparency, including voluntary reporting, experience sharing, peer reviews and the use of existing WTO mechanisms, including Trade Policy Reviews and WTO committees.

The next meeting, to focus on development and social issues associated with FFSR, will be held as soon as December, the WTO said.