G20 agrees to phase out fossil fuel subsidies

[OKIsItJustMe]

http://uk.reuters.com/article/idUKN2548446420090925

UPDATE 1-G20 agrees to phase out fossil fuel subsidies-draft

Fri Sep 25, 2009 7:02am BST

(adds details from statement, background)

PITTSBURGH, Sept 25 (Reuters) - The Group of 20 will agree to phase out subsidies on oil and other fossil fuels in the "medium term," but will not set a firm timetable for the move aimed at combating global warming, a draft statement said.

The G20 will also intensify efforts to reach a U.N. deal on climate change later this year, said the draft communique obtained by Reuters at a G20 summit in Pittsburgh.

The leaders will ask their finance ministers to come up with a range of options for climate finance -- payments from rich countries to poor countries dealing with global warming -- at their next meeting.

The final version of the communique will be issued by the leaders at the end of their two-day meeting on Friday.

…

[hatrack]

1. "Medium" term? 20 years? 50? 100? Can't wait to be wowed by their aggressive timeline!

:eyes: