Source : https://dofollownet.com
Sept. 24, 2009 - Last summit in London was centered around the financial crisis and the best strategies to get the global economy out of recession. Although it is expected that the reform of international financial institutions will still be an important part of the discussion in today Pittsburgh summit, some sentences in president Barack Obama address to the UN indicate that global warming will be part of the agenda.
According to sources in the White House, the US president will propose to his G20 partners a plan to eliminate subsidies on fossil fuels, in order to encourage the use of renewable energy and to fight against global warming.
Recent studies by the International Energy Agency (IEA) and the Organisation for Economic Development (OECD) have shown that ending subsidies fossil fuels (oil, gas, coal) would decrease global emission of carbon dioxide by 10% by 2020, while freeing up cash for programmes to alleviate poverty.
Environmentalists seem to welcome the proposal, and Frank O'Donnell, president of Clean Air Watch, said there is "no greater cause of climate change than fossil fuels. There's no greater cause of that than artificial subsidies. It's a great idea to eliminate those subsidies and let the marketplace work."
On the other side, oil industry officials say that such a project does not make sense and will hurt U.S. economical growth and energy security. Not a surprise when you know that in the U.S. alone, the federal government gave $72 billion in subsidies to the fossil fuel industry between 2002 and 2008.Read »