I am choosing to discuss about Italy . Based on internet research, the economy of Italy is the 3rd-largest national economy in the eurozone, the 8th largest by nominal GDP in the world. Italy has a major advanced economy, and is a founding member of many organizations, like the European Union, the OECD, the G7, and the G20. Italy is also the 8th largest exporter around the globe, with $514 billion exported in 2016.
According to online research, we found that in 2016, Italy subsidized fossil fuels for around 15 billion Euros while only 13 billion Euros in the year before. In comparison to other developed country like United States and Canada, this number is relatively low. However, after the 2012 tax reform, the Italian government decided to propose an environmental component to assess the consumption tax. Italy’s subsidies far exceed people’s expectations. But it is much smaller. For example, Italy also proposes to provide subsidies for up to six thousand Euros to buyers of energy-efficient cars in the near future. I believe this is a good way to motivate citizens of the country to help clean the local environment. Vehicles traveling from conventional non-fuel-efficient vehicles may also be forced to pay higher taxes. Italy believes that through these new regulations, they can save a lot of energy. Subsidy reform strategies are very hard to build because the politicians have to decide based on the unique economy of each country. In general, the goal of Italy’s subsidy plans are very clear and detailed. Let’s hope that they will successfully apply the strategy to current economy and make big contribution to the global environment.