Cheap Oil Seen by EU as Good Time to Cut Fossil-Fuel Subsidies
- EU energy chief Maros Sefcovic speaks in interview in Davos
- Global climate deal sends signal on cutting pollution
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A global collapse in crude oil prices is a window of opportunity for governments to cut subsidies for fossil fuels, the most polluting sources of energy, European Commission vice president Maros Sefcovicsaid.
Oil prices tumbled about 70 percent over the past 18 months as turbulence in global markets added to concern over brimming stockpiles. While crude was heading toward the lowest levels since 2003, almost 200 nations, including the biggest producers of the fuel, agreed in Paris last December to a landmark pact to rein in the greenhouse-gas emissions that are blamed for global warming.