G20 Urges Phasing Out of Fossil Fuel Subsidies

TORONTO (Reuters) - Leaders of the world's biggest economies pledged on Sunday to phase out subsidies for "inefficient" fossil fuels, in a statement toughened at the last minute at the urging of the United States, Group of 20 sources said.

The G20 communique in Toronto calls for the "phase out over the medium term of inefficient fossil fuel subsidies that encourage wasteful consumption, taking into account vulnerable groups and their development needs," said the sources, who provided the language to Reuters.

The leaders also said they would review progress toward that goal at future summits. The sources said the United States had pushed to removed watered-down language from an earlier draft.

An earlier version of the statement referred to "voluntary, member-specific approaches" to getting rid of fossil fuel subsidies but made no mention of a review of the progress.

I consider this a good step forward. I have always considered subsidizing fossil fuels not only bad for the environment but bad for a country's economics.

Although this article doesn't mention it, I know that this step was initiated by PM Harper here in Canada. I consider that a good thing, particularly since he hasn't done much else for the Climate recently.
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