G-20 SUMMIT MAKES LITTLE PROGRESS ON FINANCING FOR DEVELOPING COUNTRIES
The G-20 Summit hosted by US President Obama convened from 24-25 September 2009, in Pittsburgh, Pennsylvania. During the meeting, leaders reviewed progress made since the Washington and London Summits and discussed further actions to assure a sound and sustainable recovery from the global financial and economic crisis. Agenda items related to climate change included how to finance global carbon emission reductions and how to help developing nations adapt to climate change.
According to press reports, little progress was made and the G-20 did not commit to specific contributions, but issued a statement outlining the need to scale up public and private financial resources to support mitigation and adaptation in developing countries. Leaders pledged new efforts to reach an agreement in Copenhagen and to phase out subsidies for fossil fuels. The G-20 leaders reportedly directed their finance ministers to return to the issue later in the year.
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