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Reproduced from IEA; Chart: Axios Visuals

Government fuel and electricity subsidies are projected to drop sharply this year due to declines in prices and energy consumption from the pandemic, the International Energy Agency said in a new analysis.

Why it matters: Subsidies for consumption (which the IEA data tracks) and production have long been a target of climate advocates, though supporters of cutting the payments note that some are needed to help low-income people.

  • Reforms have occurred in a number of countries, but progress has been uneven and inconsistent.

The big picture: IEA notes that periods of low prices are typically a good time to implement reforms to cut wasteful and expensive subsidies, especially in countries reliant on energy revenue that are now under financial strain.

But, but, but: These are obviously not normal times.

  • "The overriding economic priority for policy makers so far in 2020 has been to limit the damage from the crisis," IEA notes, pointing to government support programs for households and businesses.
  • "As such, there are few signs so far that low fuel prices are prompting an accelerated effort to phase out subsidies, although pre-existing reform efforts have continued."

What's next: IEA argues that as economic conditions improve, so should efforts to phase out subsidies, while maintaining targeted protections for the poorest and most vulnerable.

  • The goal should be preventing countries with "artificially low" prices from "locking in a new cycle of market distortions that favour polluting and inefficient technologies."

Go deeper

Dion Rabouin, author of Markets
Aug 18, 2020 - Economy & Business

The American real estate conundrum

Reproduced from CivicScience; Chart: Axios Visuals

The housing market has been a solidly bright spot in the U.S. economy in recent months.

Yes, but: There remain serious questions about what the next phase for the market will be as the coronavirus pandemic has created an enormous amount of uncertainty about where and how people will live.

6 mins ago - Politics & Policy

Senate Democrats target billionaires

Illustration: Annelise Capossela/Axios

After failing to get a deal on other planned tax increases, key Senate Democrats are pivoting to a billionaires' income tax to pay for President Biden's social spending.

The big picture: No advanced economy has attempted anything similar on such a scale.

Anti-abortion activists' Supreme Court dreams are coming true

Photo illustration: Annelise Capossela. Photos: Kevin Dietsch/Getty Images

This is the moment the conservative legal movement has been building toward for decades: The solidly conservative Supreme Court is about to hear two major abortion cases within a month of each other.

Why it matters: All of this is likely to end with significant new restrictions on abortion and a clear path for Republican-led states to win the next big abortion cases, too — the culmination of a long and bitter fight for control of the judiciary.