3 min read.Updated: 23 Sep 2015, 08:23 PM ISTLivemint
India needs to rethink fuel subsidies in light of climate change challenges
Guess who are the biggest gas guzzlers on the planet. Their ranks include the most vociferous champions of limiting climate change and countries claiming they are too poor to do anything about the threat. A new report issued by the Organization for Economic Co-operation and Development (OECD), the OECD Inventory of Support Measures for Fossil Fuels (2015), estimates that 34 OECD countries and the BRICS group (Brazil, Russia, India, China and South Africa) annually subsidized fuel consumption and production to the tune of $160-200 billion from 2010 to 2014.