IEA: China must reduce its energy subsidies
The International Energy Agency (IEA) recently called on China to expedite the reduction of subsidies on electricity, gasoline and diesel.
During an interview with the Wall Street Journal, Nobuo Tanaka, the executive director of the IEA shared his agency’s concerns about China’s under-priced energy resources:
In the short term it is very difficult to predict the oil price or the energy price, but we know in the longer term the cheap-energy age is over. [the IEA] strongly recommends to this government phasing out fossil fuel subsidies.
We started making this same point three years ago: A 2007 report commissioned by the Alliance for American Manufacturing (AAM) showed that the Chinese government has exponentially boosted its steel output in the past decade through massive, trade-distorting energy subsidies. It’s about time the IEA stepped up its efforts to thwart these damaging practices.
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