Big Economies Agree to Phase Out Fossil Fuel Subsidies
Sure, the latest G20 and G8 summit in Toronto, Canada this year ignored again the concerning problems of global warming and ecological problems, but hey, no big deal. At leas at the end of the discussions they all joined hands in a collective pledge for cleaning up the energy policy. The joint statement of the parts calls for a “phase out over the medium term of inefficient fossil fuel subsidies that encourage wasteful consumption, taking into account vulnerable groups and their development needs.”
All G20 agreements are voluntary, which means each country can withdraw itself from the resolutions, depending on the interests of the country. Yet, this late agreement differs from many previous ones in that it is said to be more than just an agreement. According to Michael Levi, head of the Council on Foreign Relations, the G20 leaders were required to come up with individual and concrete strategies for reducing the fossil fuel subsidies.
The good part, besides the pledge itself is that leaders actually prepared strategies for following through with it, which is quite encouraging and touching. Let’s just hope they will keep up the good work and remember that global warming and climate changes in their whole are not a spectator sport, but they require time management and special care from all of us, not only from country leaders.
