As addictions go, the world’s addiction to fossil fuels is a killer. US President Barack Obama has a big idea on how to help the world kick the habit: the elimination of fossil fuel subsidies globally, amounting to over $300bn every year.

It will not escape the notice of G20 participants in Pittsburgh – a city built on coal – that America has become rich on fossil fuels. Petrol taxes are far lower in the US than in Europe; many complain that US oil, gas and coal companies still get too many tax breaks. Such observations are a reminder of what the US has yet to do. But they should not detract from the case, both principled and self-interested, against fuel subsidies globally. Elimination of fuel subsidies – for producers and consumers – is an idea whose time has come.