G20 Pittsburgh Summit Leaders' Statement, 24 September 2009

Sectors : Energy, Environmental degradation and natural resource management, Sustainable development, Climate change technology and research, Mitigation and low carbon growth, Energy, climate change and technology, Climate change financing, Investment
Organisation : G20
Date made: 
2009
Level: 
Ministerial
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Commitments in: Environment - Environmental degradation and natural resource management

“…Energy Security and Climate Change…

…29. Enhancing our energy efficiency can play an important, positive role in promoting energy security and fighting climate change. Inefficient fossil fuel subsidies encourage wasteful consumption, distort markets, impede investment in clean energy sources and undermine efforts to deal with climate change. The Organization for Economic Cooperation and Development (OECD) and the IEA have found that eliminating fossil fuel subsidies by 2020 would reduce global greenhouse gas emissions in 2050 by ten percent. Many countries are reducing fossil fuel subsidies while preventing adverse impact on the poorest. Building on these efforts and recognizing the challenges of populations suffering from energy poverty, we commit to:

 - Rationalize and phase out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption… We will have our Energy and Finance Ministers, based on their national circumstances, develop implementation strategies and timeframes, and report back to Leaders at the next Summit. We ask the international financial institutions to offer support to countries in this process. We call on all nations to adopt policies that will phase out such subsidies worldwide…”
 

Scope: 
International

“…Energy Security and Climate Change…

…31. Increasing clean and renewable energy supplies, improving energy efficiency, and promoting conservation are critical steps to protect our environment, promote sustainable growth and address the threat of climate change. Accelerated adoption of economically sound clean and renewable energy technology and energy efficiency measures diversifies our energy supplies and strengthens our energy security. We commit to:

Stimulate investment in clean energy, renewables, and energy efficiency and provide financial and technical support for such projects in developing countries. Take steps to facilitate the diffusion or transfer of clean energy technology including by conducting joint research and building capacity. The reduction or elimination of barriers to trade and investment in this area are being discussed and should be pursued on a voluntary basis and in appropriate fora.”
 

Scope: 
International