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G20 Leaders Agree to Phase Out Fossil Fuel Subsidies

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Inefficient fossil fuel subsidies encourage wasteful consumption, distort markets, impede investment in clean energy sources and undermine efforts to deal with climate change. This reform will not apply to our support for clean energy, renewables, and technologies that dramatically reduce greenhouse gas emissions.

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Devil in the Details: World Leaders Scramble To Salvage and Shape Copenhagens UNFCCC Climate Summit

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The 15 th Congress, also known as the 15 th Conference of Parties, or COP 15, was initially intended to be a largely procedural summit, with many major negotiating points settled and most environmental ministers prepared to sign a binding emissions treaty that contained specific emissions targets as well as commitments to financing structures.

Climate 236
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PwC analysis finds meeting 2 C warming target would require “unprecedented and sustained” reductions over four decades

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—Leo Johnson, Partner, Sustainability and Climate Change, PwC. The new reality is a much more challenging future in terms of planning, financing and predictability. —Jonathan Grant, director, sustainability and climate change, PwC. Other G20 (Australia, Korea, EU, South Africa, Saudi Arabia, Argentina).

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Perspective: Why Carbon Emissions Should Not Have Been the Focus of the UN Climate Change Summit and Why the 15th Conference of the Parties Should Have Focused on Technology Transfer

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Oceans, already expanding from warmth and melting glaciers, would rise, increasing coastal flooding; a chain reaction of climate changes is projected to lead to harsher, more widespread droughts and more powerful storms. But starting to raise immediate finance is more important than determining its exact future size.