G-20 Continues Discussion of Fossil Fuel Subsidies

5 June 2010: The Meeting of Finance Ministers of major advanced and emerging economies and Central Bank Governors (G-20), which convened in Busan, Republic of Korea, on 5 June 2010, welcomed the strategies and timetables provided by many G-20 members for rationalizing and phasing out inefficient fossil fuel subsidies that encourage wasteful consumption.

Participants indicated that they are discussing the final report by the International Energy Agency (IEA), the Organization of the Petroleum Exporting Countries (OPEC), the Organisation for Economic Co-operation and Development (OECD) and the World Bank on the analysis of the scope of energy subsidies and suggestions for the implementation of the Pittsburgh commitment. They agreed to meet again on 22-23 October 2010, in Gyeongju, Republic of Korea. [The Communiqué]