«The side event shed light on actions taken by different countries regarding carbon pricing and fossil
fuel subsidy reform measures and tools, and how such efforts need to be further reinforced to address fossil fuel subsidies.»
An ambitious set of policy
measures, including the rapid phase out of fossil
fuel subsidies, CO2 prices rising to unprecedented levels, extensive energy market
reforms, and stringent low - carbon and energy efficiency mandates would be needed to achieve this transition.