A new report shows that by cutting fuel subsidies, the EU could have instead generated between €653 million and €1.4 billion in annual revenue, and used it to pay the salaries of twenty thousand fishers or fund over six thousand energy reduction & decarbonisation projects.
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The EU fishing fleet is exempted from paying fuel taxes; these fuel-tax exemptions are indirect capacity-enhancing subsidies. High fuel prices and taxation can incentivise faster decarbonisation of industries, hence such indirect subsidies stand in the way of a more environmentally friendly EU fishing fleet.
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