This working paper analyzes the assumptions, data and environmental and economic implications of removing fossil fuel subsidies. Its primary findings are that removing these subsidies would equate to approximately one-seventh of the action needed to keep global temperature increase below 2°C, and that although their removal would provide global economic and environmental benefits, not all countries and regions would benefit evenly. In particular, it notes that oil-exporting countries would likely face small real income reductions, but that these could be mostly compensated for by using former fossil fuel subsidy monies for social welfare-improving activities.