On March 28, International Monetary Fund (IMF) First Deputy Managing Director David Lipton outlined findings from the organization’s report “Energy Subsidy Reform: Lessons and Implications” at a Peterson Institute for International Economics briefing. The report stated that energy subsidies, which account for $1.9 trillion or 2.5 percent of global gross domestic product (GDP), could result into a 13 percent decrease in carbon emissions if removed. The report also promoted taxing carbon emissions to fight high energy consumption and combat climate change.