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The document outlines five common minimum standards for COFFIS members to ensure transparency and consistency in reporting fossil fuel subsidies. These standards cover the coexistence of various subsidy definitions, a comprehensive definition of fossil fuels (including primary and secondary commodities), the identification of beneficiaries across consumption and production sectors, the requirement for preliminary climate and socio-economic impact assessments, and a commitment to annual inventory updates.

The document asserts that clean energy technologies now have the potential to replace 75% of existing fossil fuel demand, with renewable electricity exceeding 40% of the global power mix in 2024. It highlights that solar and wind are increasingly cost-competitive, displacing over 650 TWh of fossil fuel use between 2023 and 2024. The report notes a strong business preference for renewables, with over 90% of polled executives viewing access to renewable electricity as critical for investment decisions. It specifically warns that oil demand is expected to peak and decline this decade as electric vehicles (EVs) scale, and that gas infrastructure risks becoming stranded as renewables and electrified heat reduce demand. Additionally, it identifies China as the first 'electrostate' due to its rapid electrification and clean tech production.