Fossil fuels

Environmental campaigners are likely to be disappointed that while the draft of the G20 agreement endorses the phasing out of subsidies for fossil fuels there is no deadline, only a promise to do it in the "medium term".
Several countries, such as India and China, give financial incentives either in the form of tax breaks or cash payments to companies producing fossil fuels including coal that are major contributors to climate change.
Dumping subsidies could cut global warming by 10% by 2050, according to figures form the International Energy Agency and the Organisation for Economic Co-operation and Development (OECD) in the draft. The G20 will discuss possible ways of phasing out subsidies at their next meeting.
"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," the draft reads.
G20 leaders will agree to investigate ways of providing financial help to countries threatened by climate change, according to the draft, and "intensify our efforts" to reach a UN climate change agreement at the upcoming talks in Copenhagen.