Fossil-fuel subsidies matter: for sustainable development, for government budgets, for the poor, for women, and for the environment. Subsidies amounted to $544 billion (2012) and are largest in MENA and Southeast Asia. Reforming and redirecting subsidies will be an important piece of the jigsaw if we are to solve the climate change puzzle. Savings enable governments to manage deficits, could be redirected at building energy networks, or targeted at social spending. This paper finds opportunities for Nordic countries to increase cooperation around reform and makes specific recommendations. The paper is part of the Nordic Prime Ministers' overall green growth initiative - read also more in the web magazine Green Growth the Nordic Way at www.nordicway.org