48 WTO Members Issue Plan on Fossil Fuel Subsidy Reform

Forty-eight World Trade Organization members adopted a "comprehensive plan" at the 13th Ministerial Conference to try to phase out or eliminate harmful fossil fuel subsidies, the WTO announced Feb. 27. The members, including countries in South America, Europe and the Pacific Islands, hope to make progress on the effort this year and next ahead of the next ministerial conference, the WTO said. The effort, called the Fossil Fuel Subsidy Reform initiative, aims to boost transparency surrounding fossil fuel subsidies, "tackle crisis support measures," and identify key fossil fuel subsidy types and different ways to "reform, reduce and eliminate them."