APEC Fossil Fuel Subsidy Reform Peer Review

New Zealand is the second country to undertake the review, after Peru in June 2014.

What the review found

The APEC panel reviewed 8 measures that are considered to support the fossil fuel sector:

• motor spirit excise duty refund
• funding of international treaty obligation to hold oil stocks
• non-resident drilling rig and seismic ship tax exemption
• indemnity for mining land remediation
• research and development funding for the oil industry
• tax deductions for petroleum-mining expenditures
• financial restructure of Solid Energy
• petroleum tax and royalty regime.

In its findings, the panel didn't identify any inefficient fossil fuel subsidies that lead to wasteful consumption in New Zealand.

New Zealand's commitment

New Zealand fully supports global efforts to reform inefficient fossil fuel subsidies.

Since 2010, it has helped promote APEC Fossil Fuel Subsidy Reform internationally as a co-coordinator of the Friends of FFSR, an informal group of non-G20 countries that support G20 and APEC leaders’ commitments to phase-out inefficient fossil fuel subsidies.

Find out more

Conclusions and Recommendations of APEC Peer-Review Panel: APEC IFFSR Peer Review Panel March 2015, Wellington New Zealand [PDF, 635 KB]

Peer Review on Fossil Fuel Subsidy Reforms in New Zealand: Final Report – September 2015 [PDF, 1.9 MB]

APEC Energy Working Group Guidelines on a Voluntary Peer Review for Reform of Inefficient Fossil Fuel Subsidies that Encourage Wasteful Consumption [PDF, 184 KB]