G-20 Toronto Summit Addresses Energy Subsidies, Climate Change and Food Security
27 June 2010: The first Summit of the G-20 in its capacity as the premier forum for international economic cooperation convened in Toronto, Canada, on 26-27 June 2010. The Summit concluded with the adoption of a final Declaration that, among other issues, addresses development and environmental issues, including climate change and energy.
In the Declaration, the G-20 leaders reiterate their commitment to their core development mandates and to taking up a greater role in the provision of global solutions to transnational problems, such as climate change and food security. They note that they have fulfilled the Pittsburgh Summit commitment on the Multilateral Development Banks (MDBs), which includes a US$350 billion in capital increases to strengthen their focus on lifting the lives of the poor, underwriting growth, and addressing climate change and food security.
The G-20 leaders further reiterate their commitment to a green recovery and to sustainable global growth. Those among the G-20 associated with the Copenhagen Accord reaffirm their support to it and to its implementation, and call on others to associate with it. The G-20 leaders also express committment to engage in negotiations under the UNFCCC on the basis of its objective provisions and principles, including common but differentiated responsibilities and respective capabilities, and determination to ensure a successful outcome through an inclusive process at the 16th session of the Conference of the Parties (COP 16) to the UNFCCC in Cancun, Mexico, from 29 November-20 December 2010. In addition, they express anticipation as to the outcome of the UN Secretary-General's High-Level Advisory Group on Climate Change Financing and its work on exploring innovative financing.
The G-20 leaders also note with appreciation the report on energy subsidies from 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. They welcome the work of Finance and Energy Ministers in delivering implementation strategies and timeframes, based on national circumstances, for the rationalization and phase out over the medium term of inefficient fossil fuel subsidies that encourage wasteful consumption, taking into account vulnerable groups and their development needs. They encourage continued and full implementation of country-specific strategies and commit to continue to review progress towards this commitment at upcoming summits.
Finally, the Declaration mentions the recent oil spill in the Gulf of Mexico, recognizing the need to share best practices to protect the marine environment, prevent accidents related to offshore exploration and development, as well as transportation, and deal with their consequences. In addition, the G-20 leaders commit to exploring the potential of innovative, results-based mechanisms such as advance market commitments to harness the creativity and resources of the private sector in achieving breakthrough innovations in food security and agriculture development in poor countries, with a view to reporting on progress at the upcoming G-20 summit, to be held in Seoul, Republic of Korea, on 11-12 November 2010. They further establish a Working Group on Development to elaborate, consistent with the G-20's focus on measures to promote economic growth and resilience, a development agenda and multi-year action plans to be adopted at the Seoul Summit. [The Declaration] [Summit website]