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World energy-related CO2 emission savings by country in the 450 Scenario 38 36 34 32 30 28 26 24 22 20 2008 2015 35.4 Gt 21.7 Gt 2030 2035 13.7 Gt China United States European Union India Middle East Russia Rest of world 32% 18% 8% 7 % 4 % 4 % 27% New Policies Scenario 450 Scenario 2020 2025 In the 450 Scenario, China & the US together account for 50% of the cumulative emission abatement that is needed in 2010-2035 Share of cumulative abatement between 2010-2035 Economic value of fossil-fuel consumption subsidies by country, 2009 70 60 50 40 30 20 10 0 Electricity (generated from fossil fuels) Gas Oil Coal Fossil-fuel consumption subsidies amounted to $312 billion in 2009, down from $558 billion in 2008, with the bulk of the fall due to lower international prices 36 34 32 30 28 2008 2010 1.5 Gt 3.5 Gt Impact of subsidy phase-out on global energy-related CO2 emissions Current Policies Scenario 450 Scenario 2016 2018 2020 2012 2014 The phase out of fossil-fuel subsidies by 2020 would provide over 40% of the abatement that is needed by 2020 to move from the Current Policies Scenario to the 450 Scenario Fossil-fuel subsidy rates as a proportion of the full cost of supply, 2009 For the countries surveyed, fossil fuels were subsidised at a weighted -average rate of 22%, meaning consumers paid 78% of competitive market reference price s 66 Gt Iran Saudi Arabia Russia India China Egypt Venezuela Indonesia UAE Uzbekistan Iraq Kuwait Pakistan Argentina Ukraine Algeria Malaysia Thailand Bangladesh Mexico T urkmenistan South Africa Qatar Kazakhstan Libya Gt Billion dollarsPDF Image | Economic Perspectives of Renewable Energy Systems
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