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09/20/2009 12:00 AM
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TEST NEWS
SustainableBusiness.com News
The G20--a group of leaders representing the world's largest
econommies--last week agreed to phase out subsidies for fossil fuels in
the "medium term."
U.S. President Barack Obama backed the proposal at the meeting held in Pittsburgh, PA.
Global subsidies for fossil fuels are in the neighborhood of $300
billion annually, according to a Reuters report. These subsidies keep
the cost of oil and coal lower, increasing their cost advantage over
cleaner, renewable energy sources.
If the subsidies are eliminated by 2020, global greenhouse gas
emissions could be cut by about 10% by 2050, the G20 leaders said.
Website: planetark.org/enviro-news/item/54855
