iisdvideo 62d ago

The current situation in global energy markets is a serious reminder of the costs of dependence on fossil fuels. High oil and gas prices have countries looking to shield consumers from high energy costs—and the risk of surging fossil fuel subsidies is real. Stientje van Veldhoven, Minister of Climate and Green Growth of the Netherlands, explains that low-income households need targeted support—but to protect economies and people long term, countries must reduce dependence on fossil fuels. As nearly 60 governments gather in Santa Marta to discuss pathways to transition away from fossil fuels, Minister van Veldhoven invites countries looking to chart this journey to join the Coalition on Phasing Out Fossil Fuel Incentives Including Subsidies (COFFIS), emphasizing that transparency on fossil fuel subsidies is a vital first step for reform. Learn more about COFFIS at the link in our bio.