- Our Framework for Strong, Sustainable and Balanced Growth is a compact that commits us to work together to assess how our policies fit together, to evaluate whether they are collectively consistent with more sustainable and balanced growth, and to act as necessary to meet our common objectives.
- Over four billion people remain undereducated, ill-equipped with capital and technology, and insufficiently integrated into the global economy. We need to work together to make the policy and institutional changes needed to accelerate the convergence of living standards and productivity in developing and emerging economies to the levels of the advanced economies. To start, we call on the World Bank to develop a new trust fund to support the new Food Security Initiative for low-income countries announced last summer. We will increase, on a voluntary basis, funding for programs to bring clean affordable energy to the poorest, such as the Scaling Up Renewable Energy Program.
- To phase out and rationalize over the medium term inefficient fossil fuel subsidies while providing targeted support for the poorest. Inefficient fossil fuel subsidies encourage wasteful consumption, reduce our energy security, impede investment in clean energy sources and undermine efforts to deal with the threat of climate change.
- We call on our Energy and Finance Ministers to report to us their implementation strategies and timeline for acting to meet this critical commitment at our next meeting.
- We will promote energy market transparency and market stability as part of our broader effort to avoid excessive volatility. - To maintain our openness and move toward greener, more sustainable growth.
- We will spare no effort to reach agreement in Copenhagen through the United Nations Framework Convention on Climate Change (UNFCCC) negotiations.
In further details the G-20 members said, "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:
"As leaders of the world’s major economies, we are working for a resilient, sustainable, and green recovery. We underscore anew our resolve to take strong action to address the threat of dangerous climate change. We reaffirm the objective, provisions, and principles of the United Nations Framework Convention on Climate Change (UNFCCC), including common but differentiated responsibilities. We note the principles endorsed by Leaders at the Major Economies Forum in L’Aquila, Italy. We will intensify our efforts, in cooperation with other parties, to reach agreement in Copenhagen through the UNFCCC negotiation. An agreement must include mitigation, adaptation, technology, and financing.
"The pledge made to the G-20 also raises questions about the administration's commitments to vitally important energy programs. Will the White House ultimately cut the Low Income Home Energy Assistance Program and deny our most vulnerable citizens winter heat? Will they eliminate the Strategic Petroleum Reserve and undermine America's energy security? And what about the Highway Trust Fund? What America really needs is energy from all sources. . ."
In an earlier September 23, release from API in advance of the G-20 meeting, Gerard said, "As President Obama prepares to meet with the leaders of the G-20 nations Thursday, he should be commended for noting that climate change is a challenge for both developed and developing nations. But his call to 'phase out fossil fuel subsidies' is a wrong-headed approach that should be seen for what it really is: A giant tax hike on American consumers. . ."
Access the G-20 complete Leaders Statement (click here). Access the G-20 Pittsburgh Summit website for more information (click here). Access a series links to White House fact sheets on the G-20 Summit (click here). Access a release from API (click here). Access the 9/23 release from API (click here).