Originally posted by Ted Ewert
View Post
G-20 Countries Will Phase Out Fossil Fuel Subsidies
G-20 government leaders today concluded the Pittsburgh Summit with a commitment to phase out fossil fuel subsidies over the medium term while providing targeted support for the poorest households. The leaders said that this unprecedented move is expected to encourage energy conservation, improve energy security, and kick-start their commitment to reduce greenhouse gas emissions.
In his closing address to the G-20 leaders, host President Barack Obama said, "We agreed to phase out subsidies for fossil fuels so that we can transition to a 21st century energy economy - an historic effort that would ultimately phase out nearly $300 billion in global subsidies."
Comment