Fossil Fuels: Subsidies

Treasury written question – answered on 23rd November 2021.

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Photo of Caroline Lucas Caroline Lucas Green, Brighton, Pavilion

To ask the Chancellor of the Exchequer, with reference to the Glasgow Climate Pact which calls on Parties to accelerate the phase-out of inefficient fossil fuel subsidies, if he will (a) make it his policy to request that the Office for Budgetary Responsibility undertakes an audit of the UK’s domestic fossil fuel subsidies, with a view to phasing them out, (b) publish a timescale for that audit and (c) make the findings of that review publicly available.

Photo of Helen Whately Helen Whately The Exchequer Secretary

The UK follows the approach of the International Energy Agency, which states that a fossil fuel subsidy is a measure that reduces the effective price of fossil fuels below world market prices. On this basis, the UK does not have any fossil fuel subsidies.

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No5 people think not

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