Climate at the G20: Fossil fuel subsidy phase-out is go in "medium term"

categories: Climate Security, Fossil Energy, Greenhouse Gas, International Action

Published September 25, 2009 @ 06:03AM PT

Oil spill on Mississippi River, July 2008 credit: NOAA
Above: Silver sheen and black streamers of oil on Mississippi River, following the collision of a 600-foot chemical tanker and 200-foot fuel barge just north of the Crescent City Connector Bridge in New Orleans, La., July 2008. Credit: NOAA.

The Group of 20 will announce today that there is overall agreement on phasing out subsidies on oil and other fossil fuels -- which would cut emissions of heat-trapping greenhouse gas pollution by around 10% by 2050.

The major wealthy and up-and-coming world economies will not set a firm schedule for the phase-out at this meeting, however. Advance word has it that they're looking to do it in "the medium term," and will come up with a more definitive schedule at the next G20 summit. The nations are also committing to more transparency in energy market data reporting, including oil production, consumption, refining, and reserves.

Still, the move is seen as a major win for President Obama, host of the Pittsburgh edition of this confab, and could bolster opinions that he's got the mojo to move an international climate agreement forward as well.

"Inefficient fossil fuel subsidies encourage wasteful consumption, distort markets, impede investment in clean energy sources and undermine efforts to deal with climate change," says the statement leaked from the G20.

The nations also commit to "intensify our efforts" to achieve an agreement at December's international climate talks in Copenhagen, Denmark: "We underscore anew our resolve to take strong action to address the threat of dangerous climate change."

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